KARACHI (April 24 2004): Adamjee Insurance announced financial results for the year 2003 and declared a bonus of 15 percent after its earnings for the period jumped by Rs 164 million.
Adamjee Insurance announced the financial results for the year ended on December 31, 2003 in its meeting held on April 23.
The company's profit before tax was Rs 396 million as against Rs 219 million of 2002. After deducting provision for taxation, the net income of the company rose 79 percent to Rs 392 million.
The company said that it would issue bonus shares in the proportion of three shares for every twenty shares held, ie 15 percent, subject to approval in the annual general meeting.
The bonus will be issued on the increased paid up capital (inclusive of 15 percent bonus shares announced on April 4, 2003, again subject to its approval in the AGM which could not be held then and for its entitlement revised dates of closing the share transfer books was to be announced).
A leading analyst said the shareholders will get compound bonus shares amounting to a little over 33 percent because the investor holding 100 shares in 2002 will get 15 percent bonus, while investor will again receive 15 percent bonus on its holding of 112 shares, he said.
The Securities and Exchange Commission of Pakistan (SECP) has allowed Adamjee Insurance extension for a period of 30 days, with effect from April 21, 2004 to 20th May 2004, to hold its annual general meeting as provided under the provision of Section 158 (1) the Companies Ordinance, 1984.
The share price of Adamjee Insurance registered a decline of Rs 5.45 to Rs 104.40 at the close of Karachi Stock Exchange on Friday. The share made an intra-day high of Rs 117.50, and low of Rs 104.40.