Stocks
Aftab Auto’s Shares Plunge 9.33% at DSE Amidst Substantial Q1 Loss
Aftab Automobiles Limited experienced a notable setback as its share price at the Dhaka Stock Exchange (DSE) plummeted by 9.33% on Monday. The decline was attributed to the company’s substantial loss reported during the July to September quarter of the 2023-24 fiscal year. The closing share price stood at Tk27.2 apiece, down from Tk30 in the previous session, marking a 24% reduction since December 2022. The diminishing appeal to investors is aligned with Aftab Auto’s recent business downturn.
The financial disclosure posted on the DSE website revealed that Aftab Auto incurred a loss of Tk6.86 crore in the first quarter of the current fiscal year, a stark contrast to the Tk0.11 crore profit recorded in the same period of the previous fiscal year. Additionally, the company’s revenue witnessed a substantial 69% decrease, falling to Tk10.44 crore in the first quarter of FY24 compared to the Jul-Sep quarter of FY23.
In its financial statement, Aftab Auto pointed out that the revenue decline was primarily influenced by two factors: changes in chassis models and persistent challenges related to the dollar crisis impacting the opening of letters of credit (LC). The introduction of new chassis models significantly contributed to the sales decline, as customer adaptation to these changes necessitates a transitional period, potentially resulting in a temporary downturn in sales.
Furthermore, the company addressed the issue of the dollar crisis affecting LC openings, emphasizing the challenges it poses to their business operations. Despite these challenges, Aftab Auto paid a 10% cash dividend to its shareholders (excluding sponsors and directors) for FY23 in November 2023.
Dhaka Stock Market DSE, Bourse on the second working day of the week, 30th September, ended with a negative performance in Indices and a hike in Turnover from the previous working session. This information is known from DSE sources.
503 crore 90 lakh taka shares were traded on this day. 22 crore 58 lakh more tradings were done in DSE today compared to the previous workday, 29th September, Shares worth Tk 481 crores 31 lakh shares were traded last time, Sunday.
The benchmark DSEX lost 33.61 points or 5,624 The Shariah-based index DSES dropped 7.36 point or 1,263 and the blue-chip index DS30 decreased by 9.57 points or 2,053.
Of the issues traded, 72 advanced, 299 declined and 25 remained unchanged.
Shahjibazar Power Company Limited ranked top gainer on DSE, the share price increased by Tk 4.00 paisa or 9.76 percent. On this day, the share was last traded at Tk 45.00 paisa.
Dhaka Electric Supply Company Limited ranked top loser on the DSE, the share price dropped by Tk 1.80 paisa or 7.56 percent. On this day, the share was last traded at Tk 22.00 paisa.
DSE topped on trade is Pragati Life Insurance Limited 25 crore 35 lakh takas of company shares have been traded.
A total of 27 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 1 crore 50 lakh 42 thousand 956 shares of the companies were traded. The financial value of which is 65 crore 60 lakh taka
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.
