Walton Hi-Tech Industries PLC declared a 350 percent cash dividend for its general shareholders for the financial year 2023-24, despite adverse economic situations.

General shareholders will get a cash dividend of Tk 35 per share.

But, sponsors and directors have opted for a 200 percent cash dividend for the same period, meaning that sponsors and directors of the company will get Tk 20 cash dividend per share.

These decisions were made after the review and approval of the audited financial statements for the year ending June 30, 2024, by the board of directors at their 40th board meeting at the company's head office in Dhaka, said a press release.

To approve the dividend and financial statements, Walton has scheduled an annual general meeting on October 29, 2024. The record date is September 30, 2024.

According to the company's disclosure, its operating profit margin improved while finance costs decreased in FY 2023-24 compared to the previous fiscal year. As a result, net profit after tax increased by Tk 573.85 crore to Tk 1,356.53 crore.

Thus, the company's earnings per share rose to Tk 44.78 for the year ending June 30, 2024, from Tk 25.84 in the same period of the previous year.

The company reported a net asset value per share of Tk 379.30 with revaluation and Tk 277.86 without revaluation for the year ending June 30, 2024.

These figures were higher than the corresponding values of Tk 343.73 with revaluation and Tk 242.18 without revaluation for the previous year.

The company's net operating cash flows per share (NOCFPS) stood at Tk 56.96 for the year ending June 30, 2024 -- down from Tk 111.84 in the previous year.

The decline in NOCFPS was due to increased payments to suppliers and the government. These payments were necessary for input purchases and sustained sales growth.

Company sources said their efficient management was able to reduce operating cost in various sectors despite adverse situations, resulting in the company's various financial indicators having also improved greatly.

Also, the company's profit increased at the expected rate due to the increase in sales following expansion of business in domestic and international markets.

Walton management expressed optimism that the company will be able to maintain the profit growth in the coming years.