Titas Gas approves 22pc dividend

The 36th annual general meeting (AGM) of Titas Gas Transmission & Distribution Company was held Thursday at Officers' Club in Dhaka for the Fiscal Year (FY) 2016-2017.

Nazimuddin Chowdhury, secretary of Energy & Mineral Resources Division & chairman of Titas Board, presided over the AGM where directors and a good number of shareholders were present, according to a press release.

The shareholders of the state-run company have also approved the recommended dividend of 22 per cent cash dividend for the year 2016-2017 and discussed other relevant issues at the AGM.

In 2016, the company disbursed 20 per cent cash dividend.

Titas Gas has earned Tk 125.51 billion by selling 17,018.99 million cubic metres of gas in the FY 2016-2017, which is 10.90 per cent higher than the previous year, according to the press release.

The 12th largest market cap listed company has also reported profit before tax of Tk 6.81 billion and profit after tax of Tk 5.06 billion for the FY 2016-17.

The company has deposited more than Tk 5.27 billion to the government exchequer in the FY 2016-17.

The company has also reported earnings per share (EPS) of Tk 5.12, net asset value (NAV) per share of Tk 65.49 and net operating cash flow per share (NOCFPS) of Tk 4.07 for the year ended on June 30, 2017 as against Tk 7.37, Tk 61.33 and Tk 11.17 respectively for the same period of the previous year.

The company has also reported EPS of Tk 1.28 for July-September, 2017 as against Tk 1.08 for July-September, 2016.

Each share of the company, which was listed on the Dhaka bourse in 2008, closed at Tk 43.90 on Thursday at the Dhaka Stock Exchange (DSE).

In the last one year, the company's share price hovered between Tk 43 and Tk 59.50.

The company's paid-up capital is Tk 9.89 billion and authorised capital is Tk 20 billion, while the total number of securities is 989.22 million.

The total market cap of the company stood at Tk 43.13 billion as on Thursday.

The government owns 75 per cent stake in the company, while institutional investors own 13.42 per cent, foreign 2.22 per cent and the general public 9.36 per cent as on November 30, 2017, the DSE data shows.

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