Walton declares attractive 350% cash dividend
BI Report, Dhaka || BusinessInsider
Photo: Collected
Walton Hi-Tech Industries PLC, the country’s leading electronics company listed on the capital market, declared a 350 percent cash dividend to its general shareholders for the financial year 2023-24, despite challenging circumstances.
General shareholders will receive Tk 35 per share. Meanwhile, sponsors and directors opted for a 200 percent cash dividend for the same period, meaning they will receive Tk 20 per share.
These decisions followed the approval of the audited financial statement for the year ended 30 June 2024, during the company's 40th board meeting on Wednesday, September 4, 2024.
Walton also announced its annual general meeting (AGM) on October 29, 2024, and set the record date for dividend eligibility on September 30, 2024.
According to its disclosure, Walton's operating profit margin improved while finance costs decreased in FY 2023-24 compared to the previous year.
As a result, net profit after tax increased by Tk 573.85 crore, reaching Tk 1,356.53 crore. Earnings Per Share (EPS) rose to Tk 44.78, compared to Tk 25.84 in the prior fiscal year.
The company also reported a Net Asset Value Per Share (NAVPS) of Tk 379.30 with revaluation and Tk 277.86 without revaluation for the year ended June 30, 2024, up from Tk 343.73 (with revaluation) and Tk 242.18 (without revaluation) for the previous year.
Net Operating Cash Flows Per Share (NOCFPS) decreased to Tk 56.96, compared to Tk 111.84 in the prior year, due to increased payments to suppliers and the government.
Company sources attributed this success to efficient management, which reduced operating costs in various sectors despite adverse conditions.
This, combined with business expansion in domestic and international markets, resulted in significant improvements in key financial indicators and profit growth.
Walton's board expressed satisfaction with the company’s overall performance and thanked management for their efforts.
The management remains hopeful about maintaining profit growth in the coming years.
