Yusuf Flour share price plunges Tk2,837 in a day
Market reacts after it reports 43% fall in profit
Just a day earlier on Monday, Yusuf Flour Mills Ltd had the most valuable shares in Bangladesh's capital market.
In a single day, the price of the company's shares dropped by Tk2,837 per share compared to its adjusted opening price over the closing price yesterday (5 November), according to the Dhaka Stock Exchange (DSE).
Its adjusted opening price was Tk6,137 each, and its shares closed at Tk3,300 each yesterday.
According to its disclosure published on the DSE yesterday, Yusuf Flour reported a 43% fall in profit in 2023-24 fiscal year compared to the previous fiscal year.
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It cut dividend payments to its shares significantly as it recommended a 5% cash dividend for its shareholders. In the previous fiscal year, it had paid a 15% cash dividend.
As an immediate effect of lower profit, and dividend cut, the company's shares fell significantly.
Calculating its shares with the earnings per share (EPS), its net profit stood at Tk86 lakh. In FY23, its profit was of Tk1.50 crore.
The DSE data shows only six shares of the company were traded yesterday.
According to the disclosure, Yusuf Flour reported EPS at Tk14.20 for FY24. A year ago in FY23, its EPS was Tk24.77.
Its net asset value per share increased to Tk73.93, and its net operating cash flow per share declined to Tk1.73, which was Tk59.74, and 20.09 respectively at the end of June 2023.
Yusuf Flour is listed on the SME platform of the DSE. Its shares made their trading debut on 28 July 2022.
Yusuf Flour was incorporated in 1977. It engages in the manufacturing, sale, and supply of flour, refined flour, semolina, and other products in both domestic and international markets.
The company's paid-up capital is Tk60 lakh and it has 6.06 lakh shares. As of June 2024, sponsor-directors owned 53.88%, government 0.07%, and general investors owned 46.05%, according to the DSE.
