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Net operating cash flow per share was Tk 30.17 in the negative in the first quarter. It was Tk 7.24 in red during the same period in 2019.

ACI’s consolidated net operating cash flow was also in the negative because of high consumption of working capital to build up inventory and cater to increased demands, the company said in a disclosure published on the Dhaka Stock Exchange (DSE) website yesterday.

It declared 80 per cent cash and 10 per cent stock dividends for the year that ended on June 30, 2020, despite incurring losses of Tk 105 crore in the year. The loss stood at Tk 74 crore a year ago.

The dividends were recommended out of accumulated profit, the company said in its statement.

It was not recommended from the capital reserve, revaluation reserve, unrealised gain or profit earned before the company’s incorporation and through reducing paid-up capital, anything that would turn post-dividend retained earnings negative or debit balance, ACI added.

In fiscal 2019-20, its consolidated earnings per share were Tk 18.45 in the negative against Tk 13.51 in the negative for the same period the previous year.

ACI’s total revenue was about Tk 6,974 crore in the last fiscal year, up from Tk 6,314 crore a year ago.

The company has a reserve and surplus of Tk 874 crore, according to DSE data.

“It’s a good sign that a large market capital-based company like ACI has returned to profits amid the pandemic,” said Abdul Mannan, a stock investor.

ACI’s market capitalisation was Tk 1,458 crore as of yesterday.

Since the company had incurred losses for the last few quarters, mainly due to higher finance costs, ACI should focus on getting equity investment to expand and repay loans early, the investor said.

“We want to see good companies like ACI make a profit because it boosts the confidence of investors,” he added.