Gemini Sea Food’s profit surges in 2021-22

Gemini Sea Food Ltd posted a 1,634 per cent surge in net profit in the last financial year. 

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

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

The EPS went up significantly because of a rise in the sales revenue by 109 per cent in 2021-22 from a year earlier, said the seafood processor in a filing on the Dhaka Stock Exchange (DSE) yesterday.

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

The net operating cash flow per share, however, was a negative of Tk 25.79 in 2021-22 from Tk 1.05 in the previous year, largely because of the increase in the accounts receivables and advance payment for shrimp to suppliers.

The board of directors has recommended a 10 per cent cash for general shareholders alone and a 30 per cent stock dividend for all shareholders for the last financial year, which ended on June 30.

Sponsors and directors hold a 33.65 per cent stake in the company and others the rest.

Shares of Gemini Sea Food suffered a 14.19 per cent decline on the DSE yesterday despite reporting a steep rise in net profit.