Bangladesh food

Gemini Sea Food profits increase in 2021-22

Gemini Sea Food Ltd recorded a 1,634% increase in net profit over the past financial year.

The company made a profit of Tk 5.86 crore in 2021-22, up from Tk 33.8 lakh a year earlier.

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Thus, Gemini Sea Food announced a profit per share of 12.49 Tk for the last financial year against 0.72 Tk a year ago.

EPS rose significantly on the back of a 109% increase in revenue in 2021-22 from a year earlier, the seafood processor said in a Dhaka Stock Exchange filing yesterday ( EHR).

Its net asset value per share increased from Tk 0.93 to Tk 13.10.

Net operating cash flow per share, however, was negative at Tk 25.79 in 2021-22 compared to Tk 1.05 the previous year, largely due to increased accounts receivable and prepayment shrimp to suppliers.

The board recommended a 10% cash dividend for general shareholders only and a 30% stock dividend for all shareholders for the last financial year, which ended June 30.

The sponsors and directors hold a 33.65% stake in the company and the others the rest.

Shares of Gemini Sea Food suffered a 14.19% decline on the DSE yesterday despite a sharp rise in net profit.