Marico Bangladesh declares lowest dividend since 2015 despite profit rise

Marico Bangladesh Ltd reported a profit of Tk 462.37 crore for the year that ended on March 31, an increase of 19 percent year-on-year. 
 

The local operations of the Indian multinational company made a profit of Tk 388.97 crore in the previous year. 

Therefore, earnings per share were Tk 146.23 in 2023-24 against Tk 122.93 in 2022-23. Revenue rose to Tk 1,452.41 crore from Tk 1,413.57 crore. 

Despite the profit and sales growth, Marico's board declared a final cash dividend of 200 percent, the lowest since 2015. The net operating cash flow per share increased to Tk 195.25 from Tk 171.23.

Marico, a fast-moving consumer goods company, has been a major player in Bangladesh's market since its incorporation in 1999. It made its debut on Dhaka and Chittagong stock exchanges in 2009. 

In the same year, the company launched Haircode Hair Dye, which quickly gained popularity and secured a market share of more than 15 percent in its first year, according to its website. 
The company expanded its product portfolio in 2011 with the introduction of Parachute Advansed Cooling Hair Oil. 

Marico boasts an array of brands in various categories, including hair nourishment, edible oil, and male grooming. Its other products include Saffola Active Edible Oil, Livon Silky Potion, Set Wet Deodorants, and Livon.

The company set up its bottling operations in Gazipur's Mouchak in 2002 and started copra oil crushing manufacturing unit in the industrial belt's Bhabanipur area in 2012.

A rise in revenue and profit, however, couldn't stop the fall of the shares of Marico on the DSE. It declined 3.03 percent to Tk 2,330 today.