The board of directors of Phoenix Finance and Investments has decided not to pay any dividend for the year 2021, as the company suffered losses of Tk 350 million.
The listed non-bank financial institution has reported a net loss of Tk 350 million for the year ended on December 31, 2021 as against a profit of Tk 200 million in the previous year.
According to a filing with the Dhaka Stock Exchange (DSE) on Tuesday, the company incurred a loss of Tk 2.11 per share for the year 2021 as against a profit of Tk 1.21 per share for the year 2020.
Following the news, the company's share price plunged 10.11 per cent to close at Tk 16.90 on Tuesday, becoming the day's worst loser on the DSE, as there was no price limit on the company's share trading following its corporate declaration.
Phoenix Finance was also the day's worst loser on the Chittagong Stock Exchange (CSE), shedding 10 per cent to close at Tk 17.10 on Tuesday.
In a meeting on Monday, the board of the company has recommended 'no' dividend for the year ended on December 31, 2021 although the company disbursed a 12 per cent stock dividend in the previous year.
In 2019, it provided a 6.0 per cent cash and 6.0 per cent stock dividend.
The company also reported net asset value per share (NAV) of Tk 17.54 for the year ended December 31, 2021, down from Tk 19.65 for the same period a year earlier.
The company's net operating cash flow per share (NOCFPS) was Tk 8.26 in the negative for the year ended December 31, 2021 as against Tk 4.69 for the same period of the previous year.
The company has also reported a loss of Tk 0.07 per share for the second quarter of 2022 (April-June) as against a profit of Tk 0.16 for April-June 2021, according to its unaudited financial statements published on Tuesday.
The company's EPS stood at Tk 0.01 for January-June 2022 as against Tk 0.56 for January-June 2021.
Senior executives of the company could not be reached over the telephone for comments.
Listed on the capital market in 2007, the company's paid-up capital is Tk 1.65 billion, authorised capital is Tk 3.0 billion and total number of securities is 165.87 million.
Sponsor-directors own 30.51 per cent stake in the company while the institutional investors own 28.60 per cent and the general public 40.89 per cent as of July 31, 2022, the DSE data shows.
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