Desh General Insurance Company Limited (DGIC) has revealed a significant decline in profits for the first quarter of 2023, marking a 28% year-on-year decrease.
This news sent shockwaves through the market, leading to an 8.53% drop in the company's share price on the Dhaka Stock Exchange (DSE) on Tuesday (30 May).
The decline in profit was attributed to various factors, including poor declaration and overall financial performance. Furthermore, Desh General Insurance announced a 5% cash dividend for its shareholders, reflecting the company's financial standing for the previous year, 2022.
During the first quarter of 2023, the insurer reported earnings per share (EPS) of Tk0.36, compared to Tk0.50 during the same period in 2022. These numbers indicate a notable decline in earnings over the past year.
At the close of 2022, Desh General Insurance reported an EPS of Tk1.04 and a net asset value per share of Tk11.36, further highlighting the company's financial situation.
Looking ahead, the company has scheduled its annual general meeting (AGM) for 28 August. Additionally, the record date for shareholders has been set for 3 July.