Stocks
Paramount Textile rated “The highest credit quality”
Paramount Textile Limited has received an AA credit rating for the long term and ST-1 in the short term.
The ratings, announced by Alpha Credit Rating Limited, signify a company’s strong capacity to repay stockholders and a good position in the stock market.
The ratings indicate a company’s financial excellence, health, franchise sustainability, and a first-class operating environment.
Earlier in 2020, the rating agency rated the company as AA in the long term and ST-1 in the short term.
The textile company was listed on the stock exchange in 2013. It raised Tk84 crore with a Tk18 premium against each share at Tk10 face value from the capital market with an initial public offering (IPO).
From July to March FY22, the company made a net profit of Tk63.82 crore, which was Tk52.78 crore in the same period of 2021.
During the period, its revenue stood at Tk462.14 crore, which was Tk375.25 crore one year ago.
The company had earnings per share of Tk3.92 and its net asset value per share was Tk28.91 as of 31 March 2022.
As of 31 August 2022, sponsors and directors owned 60.95pc, institutions 9.55pc, foreign investors 4.20pc, and general investors held 25.30pc shares of the company.
The last closing share price of the company on the Dhaka stock exchange was Tk77 on Tuesday.
One of the Listed companies, National Polymer Limited has recommended 10.50% Cash Dividend for the year ended June 30, 2024.
It has reported Consolidated EPS of Tk 2.27 paisa, and Consolidated NAV per share of Tk 30.63 for the year ended March 31, 2024.
The Annual General Meeting (AGM) of the company will be held on December 18, through the digital platform. The record date for this has been fixed at October 22.
The Company also discloses its financial reports for the second quarter, (April – June 24).
As per the company’s consolidated life revenue account for April to June 2024, the excess of total income over total expenses, including claims (surplus), stood at Tk 1,394.24 million. This marks a significant increase from the surplus of Tk 823.68 million during the same period in 2023.
For the first half of 2024, from January to June, the company reported a surplus of Tk 2,177.57 million, compared to Tk 1,290.39 million in the corresponding period of the previous year.
Additionally, the Life Insurance Fund balance as of June 30, 2024, reached Tk 55,188.62 million, showing a net increase of Tk 5,892.25 million from Tk 49,296.37 million on June 30, 2023.
One of the Listed companies, Beacon Pharmaceuticals PLC has recommended 20% Cash dividend and 10% Cash Dividend to Sponsor Shareholder and Directors for the year ended June 30, 2024.
It has reported EPS of Tk 2.26 paisa, and NAV per share of Tk. 26.37 for the year ended June 30, 2024.
The Annual General Meeting (AGM) of the company will be held on December 23, through the digital platform. The record date for this has been fixed at October 27.
The Bangladesh Securities and Exchange Commission (BSEC) has removed three audit firms from its panel for their failure to secure enlistment with the Financial Reporting Council (FRC), according to a notice issued today.
The firms—A Hoque & Company, FAMES & R, and SK Barua & Company Chartered Accountants—were delisted following the FRC’s request. In December last year, the FRC published a list of enlisted audit firms and subsequently, in February, requested the BSEC to remove any firms that were not included on that list.
BSEC regulations mandate that financial statements signed by auditors outside its approved panel will not be accepted. With the removal of these three firms, the total number of audit firms on the BSEC panel has been reduced from 48 to 45.
Sources from the FRC revealed that 15-20 audit firms failed to secure enlistment last year, and approximately 45 chartered accountants are currently under restrictions imposed by the Institute of Chartered Accountants.
Although the delisted firms can no longer audit issuer companies or listed securities, they are allowed to complete audit and assurance services that were initiated before their removal, the BSEC clarified.
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