BANGLADESH - Heidelberg Cement declares no dividend

HeidelbergCement Bangladesh Limited, for the first time since its enlistment in the Dhaka Stock Exchange in 1989, declared no dividend for the fiscal year 2019-20 for its shareholders as the company incurred Tk18.64 crore loss in the last fiscal.

 

The Publicly listed company made the official disclosure in a post on its website on Sunday.

 

According to the disclosure, the Heidelberg Cement’s earnings per share (EPS) stood at negative Tk3.30 in 2019.

 

It made Tk80.97 crore in net profit, EPS Tk14.33 and disburse 75% cash dividend in 2018.

 

Taking to Dhaka Tribune, a high official of the company said, the 5% advance income tax on imports of raw material imposed in the last budget for the annual was the reason behind the loss. The tax, however, reduced to 3% on January 1, he informed.

 

HeidelbergCement Bangladesh Limited is a sister concern of Germany-based multinational company Heidelberg Cement.

 

The company meets about 10% of the domestic demand for cement from two plants, located in Dhaka and Chittagong.

 

HeidelbergCement Bangladesh’s paid-up capital is Tk56 crore and authorised capital is Tk100 crore. Each share of the company closed at Tk140 on March 25 at the DSE.

 

The sponsor-directors of the HeidelbergCement Bangladesh Limited hold 60.67% stake in the company, while institutional investors, foreign investors, and the general public own 26.08%, 1.11%, and  12.14% shares of the company.

 

The principal activity of the company is manufacturing and marketing of grey cement under the brand name of “Ruby Cement” and “Scan Cement”.

 

In last year, the board of directors of HeidelbergCement Bangladesh approved the acquisition of 100% stake of Emirates Cement Bangladesh and Emirates Power from UltraTech Cement Middle East Investments Limited.


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