Fin-522 Termpaper.f PDF

Appraisal of Dividend Policy of
Automobile Companies of Bangladesh
Course Code: FIN 522
Section: 01
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A Term paper on Appraisal of Dividend Policy of
Automobile Companies of Bangladesh
FIN522 | Corporate Finance | Section: 01
Prepared for:
Dr. Tanbir Ahmed Chowdhury
Professor
Department of Business Administration
East West University
Prepared by:
Name ID
Farhana Yeasmin 2022-1-95-065
Sabab Hossain Mallick 2021-1-95-091
Nusrat Tabassum 2019-2-95-044
Abdulla Al Noman Beg 2021-2-95-038
M. Nawshed Talukder 2021-1-95-096
Master of Business Administration
3 January, 2023
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LETTER OF TRANSMITTAL
3 January, 2023
Dr. Tanbir Ahmed Chowdhury
Professor
Department of Business Administration
Aftabnagar, Dhaka-1212, Bangladesh
Subject: Term Paper on “Appraisal of Dividend Policy of Automobile Companies of

Bangladesh”.
Dear Sir,
It is indeed a great pleasure for us to be able to hand over the result of our hardship of the
report on “Dividend policy of Automobile Companies of Bangladesh”. This report is the
result of the knowledge which has been acquired from the “Corporate Finance” course.
We tried our level best for preparing this report. The information of this report is mainly
based on collected information and some other details gathered from Internet. All of we tried
best to make this report fruitful and understandable. This study has enabled us to know much
about automobile companies.
Therefore, we have gathered valuable knowledge and experience by working as a group
under your supervision and successfully completed the course for this semester. Hope you
will love this and if there is any mistake, please do suggest us how we can correct it. We wish
that you would be very pleased to accept our term paper and oblige thereby.
Sincerely,
On the behalf of members
FarahanaYeasmin
2022-1-95-065
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ACKNOWLEDGEMENT
Praise to the Almighty, the creator, and sustainer who has given us the strength and
opportunity to complete the report on the “Dividend policy of Automobile companies of
Bangladesh. First of all, we would like to thank our Honorable Teacher, Dr. Tanbir Ahmed
Chowdhury, the instructor of the “Corporate Finance” course for providing us with the
opportunity to observe and analyze such an interesting topic and for his supervision,
relentless guidance, and invaluable advice whenever needed. We would also like to
acknowledge all those seniors, and sites who helped us during the completion of this report.
Finally, I am indebted to the contribution of my group member whose cordial cooperation
helped us directly or indirectly for the completion of this report. We have used our efforts and
knowledge to search information and prepare this report. We hope our efforts are worth it.
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EXECUTIVE SUMMARY
Automobile companies are one of the significant business sectors in Bangladesh. We selected
four companies to make this report. They are- Bangladesh Autocars Limited, Aftab
Automobiles Limited, Runner Automobiles Limited and IFAD Autos Limited. To fulfill the
study, the data has been collected from DSE, CSE, companies’ websites, books, and articles.
The primary objective of this study is to generate critical insights on dividend policies of
these companies. Dividends refer to that portion of a firm’s Earnings which are paid out to
the shareholders. The portion of net profits which is distributed among the shareholders is
called dividend. The dividend decision of the firm is vital for the finance manager since it
determines the amount to be distributed among shareholders and the amount of profit to be
retained in the business. Retained earnings are very important for the growth of the firm.
Dividend can be two types such as Cash dividend and Stock dividend. In this paper, the
dividend Policy of automobile companies in Bangladesh is appraised on the basis of 5 years’
data and considering different factors such as Debt and equity, Earnings per share, Dividend
ratio, asset, Total dividend, Market value and others. According to the analysis of the study,
A few positive and negative aspects of these four companies have been reflected. The
identified problem has been listed in details.
We divided our report into three parts. We started our report with an Introduction where we
discuss the overview of the dividend policy, methodology, objective of study and limitation
of the study. We started our chapter two by appraisal of the dividend policy by showing
capital structure of the four companies based on our learned ratios. In this part, the main
focusing was Dividend Policy of these companies in detail. Here we have discussed the
overall financial picture of the companies based on the ratio analysis. We have shown all the
necessary detail based on the graphical presentation. From the analysis, it was clear that none
of these companies strongly follow any of the dividend policies, nor strongly follow any of
the dividend theories. However, they more or less follow any of the practiced dividend
policies and one of the two commonly known dividend theories – dividend relevance theory
and dividend irrelevance theory. Bangladesh Autocars dividend decisions don’t really
correlate with any of the policies. Aftab Automobiles and IFAD Autos somewhat followed a
low regular and extra dividend policy. Runner Automobile has mostly followed a regular
dividend policy. In terms of theories Bangladesh Autocars and Aftab have mostly followed
dividend relevance theory. On the other hand, Runner and IFAD have mostly followed
dividend irrelevance theory. In conclusion we described the start to end of the report in short
and also our recommendations for the companies.
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TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION…………………………………………………………….7
1.1. OVERVIEW OF DIVIDEND POLICY………………………………………………7-8
1.2. METHODOLOGY……………………………………………………………………...9
1.3. OBJECTIVE OF THE STUDY……………………………………………………...…..9
1.4: LIMITATION OF THE STUDY …………………………………………………..…....9
CHAPTER 2: APPRAISAL OF DIVIDEND POLICY OF AUTOMOBILE
COMPANIES ………………………………………………………………………………10
2.1 OVERVIEW OF THE COMPANIES…………………………………………………..10
2.1.1. Bangladesh Autocars Limited………………………………………………………...10
2.1.2. Aftab Automobiles Limited…………………………………………………………..11
2.1.3. Runner Automobile Limited………………………………………………………….12
2.1.4. IFAD Autos Limited………………………………………………………………….13
2.2. CAPITAL STRUCTURE………………………………………………………………14
2.2.1. Bangladesh Autocars Limited…………………………………………...…………...14
2.2.2. Aftab Automobile Ltd………………………………………………………………..14
2.2.3. Runners Automobile Ltd……………………………………………………………..14
2.2.4. IFAD Autos Ltd……………………………………………………………………...15
2.3 DEBT/EQUITY RATIO OF THE COMPANIES……………………………………...15
2.4. APPRAISAL OF DIVIDEND POLICY……………………………………………….16
2.4.1. NET INCOME……………………………………………………………………….16
2.3.2. EPS…………………………………………………………………………………...19
2.3.3. RETAINED EARNINGS……………………………………………………………22
2.3.4. DIVIDEND PAYOUT RATIO………………………………………………………25
2.3.5. CASH DIVIDEND…………………………………………………………………..28
2.3.6. STOCK DIVIDEND…………………………………………………………………30
2.3.7. NET ASSET VALUE PER SHARE…………………………………………………33
2.3.8. 52 WEEKS' MOVING RANGE……………………………………………………..35
2.3.9 RIGHT SHARE………………………………………………………………………36
CHAPTER 3: FINDINGS & CONCLUSION…………………………………………….37
3.1 FINDINGS………………………………………………………………………….....37
3.2 Dividend Policy………………………………………………………………………..38
3.3 Dividend Theory…………………………………………….........................................38
3.4 CONCLUSION………………………………………………………………………...39
REFERENCES……………………………………………………………………….……40
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CHAPTER 1: INTRODUCTION
1.1. OVERVIEW OF DIVIDEND POLICY

The subject of dividend remains one of most disputable issues in corporate finance. For the
greater part a century financial economist has occupied with modeling and examining
corporate payout policy. Dividend policy is the set of rules an organization uses to choose the
amount of its income it will pay out to investors. Dividend policy spreads out what level of an
organization's income will be paid out to its shareholders. In a year what level of dividend
ought to be paid by an organization relies upon the organizations' overabundance money or
profit and affected by organizations long-term earning power. If the NPV is positive of a
company and after calculating all the expenditure if there have any surplus, then the
management should return some or all of the excess cash to the shareholders as dividends.
There are different forms of dividend distribution management have to choose the form for
distributing the dividend; it may be cash dividend or share buyback dividend. A few variables
need to mull over that have impact on the dividend policy (legal constraint, internal
constraint, contractual constraint, growth prospect, owner’s consideration, market
consideration) and the board will choose in what shape they will pay the dividend depending
on the company and what management determines is the best use of those dividend resources
for the firm to its shareholders.
Residual theory is one among different dividend theory. In residual policy if a company take
any project in hand in that cases the dividend will be paid after the project has been funded or
an investment has been made. A company can arrange the money for the project by debt or
by internal fund or combination of those two projects.
1. The first step in the residual dividend model to set a target dividend payout ratio to
determine the optimal capital budget.
2. Then, management must determine the equity amount needed to finance the optimal capital
budget. This should be done primarily through retained earnings.
3. The dividends are then paid out with the leftover, or residual, earnings. Given the use of
residual earnings, the model is known as the "residual-dividend model.
Irrelevance theory developed by Modigliani–Miller states that the division of retained
earnings between new investment and dividends do not influence the value of the firm. Firms
value is solely determined by the earning power and risk of its assets or investment. M and
M’s theory suggest that in a perfect word no taxes, no transaction cost, no other market
imperfection the value of a firm is unaffected by the dividend. Relevance theory developed
by Myron J. Gordon and John Lintner supported dividend relevance. Investors are risk averse
and believe that incomes from dividends are certain rather than incomes from future capital
gains, therefore they predict future capital gains to be risky propositions.
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Types of dividend policy:
Constant Payout Ratio:
A certain percentage of net income may be distributed as dividend. According to the net
income dividend will fluctuate.
Regular Dividend Policy:
A certain percentage of face value may be declared a dividend. Though net income fluctuates
every year but the dividend will remain same.
Low Regular and Extra Dividend Policy:
In that policy dividend will be low at the initial stage and extra dividend will be given to the
shareholder if company earn above a certain laver of income.
Stock Dividend
Payment of dividend will be in the stock form and it is a payment for existing shareholder. It
is the supplement of cash dividend.
Stock Splits
If market value of share increases too much then the corporation may decrease the face value
and increase the number of shares. There will be no impact on paid up capital.
Stock Repurchase:
If the share price is undervalued in the market, then corporation may repurchase their own
stock from the secondary market.
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1.2. METHODOLOGY
Our term paper is mainly based on primary and secondary data. We mainly took annual
report from DSE and CSE by which we have finished most of our work on this report. As we
did our report on Automobile companies, so we have also collected information from the
website of the companies, internet and Wikipedia about the respective company’s history. We
have done the study of dividend policy of 4 Automobile companies for the last 5 years. We
have finished the ratio growth percentage from the annual report.
1.3. OBJECTIVE OF THE STUDY

As a business expectative in future we should have to gather experience beside our study. We
should not concern our lesson only in classroom but to implement in practical life that will
help us in future. A clear objective helps in preparation of well decorated report in which
other take the right type of decision. Our purpose for preparing this report
• To know the dividend policy of Automobile companies.
• To know whether they are emphasizing on the dividend more or the retained earnings.
• Suggesting some better policy if needed.
• Prospect of the selected company’s growth and performance.
This study covers the dividend policy of Automobile companies along with some
recommendation if needed.
1.4: LIMITATION OF THE STUDY

As a student of Master of Business Administration. A term paper on Automobile companies
was done by meeting a survey and collected data from the selected company’s website. We
were really unable to collect all the information due to their official restriction. Besides that,
we have faced the following hindrances in preparing this report:
• Lack of knowledge and experience.
• Short of time.
• Lack of sufficient privileges.
This survey report focuses on dividend policy of Automobile companies. The research report
may not be comparable or more valid in some cases as because we take only five years’ data
under surveillance.
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CHAPTER 2:
APPRAISAL OF DIVIDEND POLICY OF
AUTOMOBILE COMPANIES
2.1 OVERVIEW OF THE COMPANIES

2.1.1. Bangladesh Autocars Limited
Bangladesh Autocars Ltd was incorporated on 01 August, 1979 in Bangladesh as a Public

Limited company under the Company Act of, 1913 (Replaced in 1994) and its shares are
listed in Dhaka Stock Exchange Ltd. The Company used to produce three-wheelers auto
tempo under the technical Collaboration of Piaggio& C S.P.A(manufacturer of the world-
famous Vespa Brand). As the government banned two stoke three-wheeled vehicles, the
company stopped production of three wheelers Auto Tempo during the year 1999. Now, the
company has CNG Convert Workshop for the Vehicles and CNG Refueling station.
Market Information
Authorized Capital 100 million
Paid up Capital 43.26 million
Face Value 10 BDT
Current Market Price 149.7
52 weeks moving Range 128.00 - 166.70
Market Category B
Listing Year 1988
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2.1.2. Aftab Automobiles Limited
Aftab automobiles ltd is one of the largest automobile assembling plans in the private sector
in Bangladesh. It is in this business since 1967. In 1981, this company registered itself as a
public limited company. Then it was listed in Dhaka Stock Exchange and Chittagong Stock
Exchange in 1987 and 1996 respectively. It is now the country's sole assembler-cum-
progressive manufacturer of Toyota and Hino vehicles. Since 1982, it has been successfully
assembling TOYOTA and HINO vehicles for the Bangladesh market. The assembly and
body fabrication of HINO luxury buses of model RM2 in done by this company. These buses
are in high demand on the market. HINO buses are widely used on all routes throughout the
country. For the first time in Bangladesh, they have also introduced the environmentally
friendly (CNG-powered) AK1JMKA model HINO Bus.) Aftab Automobiles Limited (AAL)
is the holding company of Navana Batteries Limited Company, with a 99.95% ownership
stake. The company has recently introduced "motorcycle batteries" to increase its profit
margin. The company's bus body building unit is broughtby the introduction of high-tech
equipment, where vehicles such as the RM-2 (New Model) buses will be fully automated and
of international quality.
Market Information (Amount in BDT)
Face Value 10 BDT
52 weeks moving Range 24.30-35.60
Market Category A
Listing Year 1987
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2.1.3. Runner Automobile Limited
Runner Automobiles Limited was founded in 2000 in Bangladesh. At present, the company is
considered the largest domestic motorcycle manufacturer, with an annual production capacity
of 50,000 units and a domestic market share of about 13%. Runner Motorcycles has been
continuously expanding their business all over the country for more than twenty years now. It
is leading in the sub-100CC segment and the first company to successfully export
motorcycles abroad. RAL is proudly entering the international market with a badge labeled
‘Made in Bangladesh’. The company at first used to assemble motorcycles by setting up
facilities for bikes to cater to the national motorbike market. It also compiled motorcycles of
the Dayang brand by importing them in completely knocked-down condition from China.
Later, Runner opted to manufacture the components of two-wheelers. Within a short time, it
established its brand title in the domestic industry named "Runner Motorcycles”. It officially
got approval as a bike manufacturer in 2011 and now has state-of-the-art manufacturing
processes at its factory in Bhaluka, which has a production capacity of 100,000 motorcycles
annually with the help of over 300 agile factory personnel and sells over 30,000 units yearly.
The factory has facilities of a press shop, weld shop, paint shop, engine assembly conveyor,
vehicle assembly conveyor, component quality control, central quality control section,
stores/OBL & research and development. The factory is getting facilitated with the biggest
and most advanced component testing facility. It ensures the brands focus on top-of-the-line
quality products and continuous growth on it. The government also came up with tariff and
tax discounts on the import of parts of bikes to support manufacturing facilities.
Face Value 10 BDT
Market Category A
Listing Year 2019
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2.1.4. IFAD Autos Limited
IFAD Autos Ltd is the sole distributor of the reputed Indian automobile company Ashok
Leyland since 1994. It engages in importing, marketing, and bodybuilding of models of
Ashok Leyland's vehicles. The firm operates through the Imported Vehicles, Assembling
Vehicles, and Body Building Unit segments. Its products include buses, open trucks, covered
vans, light commercial vehicles, special application vehicles, and tractors. The company was
founded on February 17, 1988 and is headquartered in Dhaka, Bangladesh. FAD Autos
Limited wants to be the No. 1 company in our industry through its commitments to
employees, customers, and stakeholders & also exceed customers' expectations through their
passion, continuous innovation, and development.
Paid up Capital 2529.50 Million
Face Value 10 BDT
Market Category A
Listing Year 2015
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2.2. CAPITAL STRUCTURE
2.2.1. Bangladesh Autocars Limited
Asset, Equity and Debt:
Year Total Asset Total Equity Equity Share Total Debt Debt Share
(In (in (in
Thousands) Thousands) Thousands)
2017 72297 10700 15% 61597 85%
2018 69155 26747 39% 42407 61%
2019 70619 32203 46% 38416 54%
2020 64248 29368 46% 34880 54%
2021 53942 29651 55% 24291 45%
The table shows that Bangladesh Autocars Limited used to cover 15%-39% of their assets
using equity and the rest using debt till 2018. But since 2019-2021 their equity is increasing,
and the percentage of debt share and equity share are almost the same.
2.2.2. Aftab Automobile Ltd

Asset, Equity and Debt:
Year Total Asset Total Equity Equity Share Total Debt Debt Shares
(In Millions) (in Millions) (in Millions)
2017 11806 5673 48% 6132 52%
2018 13700 5829 43% 7870 57%
2019 16583 5834 35% 7672 46%
2020 20178 5762 29% 10720 53%
2021 17800 5542 31% 12257 69%
There equity is decreasing year by year and debt is increasing.
2.2.3. Runners Automobile Ltd

Assets, Equity and Debt:
Year Total Asset Total Equity Equity Share Total Debt (in Debt Shares
(in Millions) (in Millions) Millions)
2017 6286 4005 64% 2281 36%
2018 6891 4190 61% 2701 39%
2019 8500 5473 64% 3026 36%
2020 10008 5435 54% 4572 46%
2021 10404 5452 52% 4954 48%
As the table shows Runner Automobiles Ltd has significant assets and the equity always
covers over 50% of them since 2017. The rest are covered by debt.
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2.2.4. IFAD Autos Ltd
Assets, Equity and Debt:
Total Asset Total Equity Equity Total Debt (in
Year Debt Shares
(in Millions) (in Millions) Share Millions)
2017 22175 6003 27% 16172 73%
2018 28981 8624 30% 20356 70%
2019 32654 9715 30% 22938 70%
2020 33634 9853 29% 23780 71%
2021 37093 10323 28% 26770 72%
As the table shows Ifad Autos Ltd has debt share always covers over 70% of them since
2017. The rest are covered by equity.
2.3 DEBT/EQUITY RATIO OF THE COMPANIES
Debt-to-equity (D/E) ratio is used to evaluate a company’s financial leverage and is

calculated by dividing a company’s total liabilities by its shareholder equity. D/E ratio is an
important metric in corporate finance. It is a measure of the degree to which a company is
financing its operations with debt rather than its own resources. A D/E ratio of0.5 means that
against $1 of equity the company has $0.50 of debt. A ratio over 1 means the company has
more debt than equity.
Year BD Autocars Aftab Runners IFAD

Ltd
2017 5.76 1.08 0.57 2.69
2018 1.59 1.35 0.64 2.36
2019 1.19 1.32 0.55 2.36
2020 1.19 1.86 0.84 2.41
2021 0.82 2.21 0.91 2.61
Here we can see that Bangladesh Automobiles Limited has the highest ratio of 5.76 in
2017which indicates having 5.76tk debt against every 1tk. From 2018, gradually it starts to
decrease.
The D/E ratio of Aftab Automobile Limited indicates that the company has more debt than
equity since 2017 to 2021.
The best D/E ratio is maintained by Runners Automobile Limited. Their highest ratio is
having 0.91tk debt against every 1tk equity in 2021. The overall situation is that this
company has more equity than debt.
IFAD Autos Limited has a consistent gap in ratio compared to its competitors. This has a
consistently high ratio indicating higher debt than equity.
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2.4. APPRAISAL OF DIVIDEND POLICY
2.4.1. NET INCOME
Net income is referred to as the bottom line, net profit, or net earnings are an entity's income
minus expenses for an accounting period. Net Income and its growth in the last 5 years of
these companies are:
Company 2017 2018 2019 2020 2021 Average
Bangladesh 3,549,935 5,890,139 6,606,741 1,491,469 1,580,571 3,823,771

Autocars
Limited
Growth 66% 12% -77% 6% 2%
Aftab 394,534,805 256,473,573 120,087,299 8,409,448 - 118,798,170

Automobiles 185,514,274
Limited
Growth -35% -53% -93% -2306% -622%
Runner 303,333,406 461,594,313 500,711,102 223,673,667 306,557,818 359,174,061
Automobiles
Limited
Growth 52.17% 8.47% -55.33% 37.06% 11%
IFAD 1,055,482,401 1,518,353,283 1,137,310,826 229,907,337 551,183,207 898,447,411

Autos
Limited
Growth 43.85% -25.10% -79.79% 139.74% 20%
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Bangladesh Autocars Ltd
Net income
7.0 Million 12%
66%
6.0 Million
5.0 Million
4.0 Million
3.0 Million 6.6 Million
5.9 Million
2.0 Million 3.5 Million -77% 6%
1.0 Million 1.5 Million 1.6 Million
.0 Million
2017 2018 2019 2020 2021
Bangladesh Autocars Limited
As the graph shows that BD Autocars Limited has generated profit these five years. From
2017 to 2019, the income level was upward and the company earned its highest profit in
2019, which was Taka 6,606,741. But in 2020, their profit decreased drastically. It even gives
77% of negative growth. This may happen because of the pandemic situation. In 2021, they
have done a bit better than in 2020 but the growth rate is in the lowest position compared to
previous years.
AFTAB Automobiles Ltd
Net income
500.0 Million
394.5 Million
400.0 Million
300.0 Million -35%
200.0 Million
-53%
256.5 Million
100.0 Million
-93%8.4 Million
120.1 Million
.0 Million
2017 2018 2019 2020 2021
-100.0 Million -185.5 Million
-200.0 Million
-2306%
-300.0 Million
Aftab Automobiles Limited
It is seen that Aftab Automobile has generated the highest net income in 2017. But later on,
their level of income started to decrease, and finally, in 2021 they face a huge loss. Their net
income growth rate is continuously decreasing; in 2021 they had a net loss of 185.5 million
takas.
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Runner Automobile Ltd
Net income
600.0 Million
8.47%
500.0 Million 52.17%
400.0 Million
37.06%
300.0 Million -55.33%
.0 Million
2017 2018 2019 2020 2021
Runner Automobiles Limited
Compare to other companies, Runner automobile’s net income is seen as stable. Their
performance is good. They did not face any loss. In 2020, their net income is lower than in
other years which lead them to a 55.33% downfall compared to 2019 net income. Other than
that, their overall growth rate is satisfactory.
IFAD Autos Ltd
Net income
1600.0 Million 43.85%
1400.0 Million
-25.10%
1200.0 Million
1000.0 Million
800.0 Million 1518.4 Million 139.74%
1055.5 Million
400.0 Million -79.79%
551.2 Million
.0 Million
2017 2018 2019 2020 2021
IFAD Autos Limited
As per the graph and table, from 2017 to 2019, IFAD generates a significant amount of
income. It has the highest net profit in 2018 which is more than 1518.4 million and its lowest
income was in 2020 which was 229.9 million. In 2020, the level of income dropped
significantly by 79.79%. However, they are trying to move forward with their business as the
income level increases highly in 2021. Overall, net income is fluctuating over the period.
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2.3.2. EPS
A portion of a company's profit is allocated to each outstanding share of common stock.
Earnings per share serve as an indicator of a company's profitability. It is calculated by
subtracting the dividend on preferred stock from net income and dividing by the number of
shares outstanding.
Year 2017 2018 2019 2020 2021 Average
Bangladesh Autocars 0.95 1.52 1.53 0.34 0.37 0.94

Limited
Growth 60% 1% -78% 9% -2%

Aftab Automobiles 4.12 2.68 1.25 0.09 -1.94 1.24
Limited
Growth -35% -53% -93% -2256% -609%

Runner Automobiles 3.22 4.9 5.07 1.97 2.7 3.57
Limited
Growth 52% 3% -61% 37% 8%

IFAD Autos Limited 6.74 7.01 4.59 0.93 2.18 4.29
Growth 4% -35% -80% 134% 6%
19
Bangladesh Autocars Ltd.
Earning per Share

2
60% 1%
1.5
1
1.52 1.53
0.5 -78% 9%
0.95
0.34 0.37
0
2017 2018 2019 2020 2021
As we have seen before Bangladesh Autocars Limited net income was high from 2017 to
2019 so as expected their Earning Per Share (EPS) was higher and increased from 2017 to
2019. But in 2020 their EPS decreased from 1.53 to 0.34. A global pandemic can be a reason
behind their downfall.
Aftab Automobile Ltd
Earning per Share

5
4
3 -35%
2 4.12 -53%
2.68
1
1.25 -93% 0.09
0
2017 2018 2019 2020 2021
-1 -1.94
-2
-2256%
-3
The highest EPS of Aftab Automobile Ltd among these years was 4.12 in 2017. But after that
their EPS was continuously falling from 2018 and in 2021, they faced a net loss, as a result,
they had negative EPS that year.
20
Earning per Share

6
3
4.9 5.07
2
3.22
2.7
1 1.97
0
2017 2018 2019 2020 2021
Runner Automobiles Limited EPS was improved from 2017 and it reached its highest in 2019
which was 5.07. After that in 2020, their EPS fall down to 61% which is huge. The downfall
reason can be the pandemic situation in Bangladesh. But in 2021 they were able to improve
their situation and managed to increase their EPS by 37%.
IFAD Autos Ltd
Earning per share

8
7
6
5
4
6.74 7.01
3
2 4.59
1 2.18
0.93
0
2017 2018 2019 2020 2021
IFAD Autos Limited
IFAD Autos Limited EPS varies over the years. The EPS was highest in 2018 which was
7.01. But it had a downfall in the years 2019 & 2020. In 2020 their EPS was 0.93. However,
they managed to increase their net income and EPS in 2021 by 134%.
21
2.3.3. RETAINED EARNINGS
Retained earnings (RE) is the amount of net income left over for the business after it has paid
out dividends to its shareholders. Often this profit is paid out to shareholders, but it can also
be reinvested back into the company for growth purposes. The money not paid to
shareholders counts as retained earnings.
Year 2017 2018 2019 2020 2021 Average
Banglade 33,170,431 28,405,292 27,585,315 30,419,859 38,792,247 31,674,629

sh
Autocars
Limited
Growth -14.37% -2.89% 10.28% 27.52% 5.14%
Aftab 2,722,945, 2,878,999, 2,884,205, 2,812,199, 2,591,845, 2,778,039,

Automobi 676 350 752 739 473 198
les
Limited
Growth 5.73% 0.18% -2.50% -7.84% -1.11%
Runner 2,033,956, 2,201,637, 2,677,113, 2,740,685, 2,935,780, 2,517,835,

Automoil 787 986 729 935 866 061
es
Limited
Growth 8.24% 21.60% 2.37% 7.12% 9.83%
IFAD 3,043,137, 4,472,004, 5,201,431, 5,341,112, 5,770,317, 4,765,600,

Autos 321 876 229 056 664 629
Limited
Growth 46.95% 16.31% 2.69% 8.04% 18.50%
22
Retained Earnings
50.0 Million
40.0 Million
30.0 Million

10.0 Million
.0 Million
2017 2018 2019 2020 2021
Bangladesh Autocars Limited’s retained earnings were 33.2 million in 2017 and they
decreased retained earnings by 14.37% & 2.89% in the years 2018 & 2019 respectively.
Under the circumstances, it became 27.6 million in 2019. But they increased it in the next
two years but 10.28% & 27.52%. As a result, in 2021 they had the highest number of retained
earnings which was 38.8 million.
Retained Earnings
3000.0 Million
5.73% 0.18%
2900.0 Million -2.50%
2800.0 Million
2700.0 Million
2879.0 Million 2884.2 Million -7.84%
2722.9 Million
2400.0 Million
2017 2018 2019 2020 2021
Aftab Automobile s Limited
From the year 2017 to 2019, Aftab Automobiles Limited’s retained earnings was increasing
and became 2884.2 in the year 2019 from 2722.9 million in the year 2017. But after that, we
noticed a fall in their retained earnings by 2.5% and 7.84% in the year 2020 & 2021. In 2021
Aftab had their lowest amount of retained earnings.
23
Retained Earnings
3500.0 Million
3000.0 Million
2500.0 Million
2000.0 Million
1000.0 Million
500.0 Million
.0 Million
2017 2018 2019 2020 2021
We identify a continuous growth in Runner’s retained earnings. From 2017 to 2021. They
had positive growth every year, as a result, Runner’s highest amount of retained earnings was
in 2021 and the lowest amount of retained earnings was in 2017.
IFAD Autos Ltd
Retained Earnings
7000.0 Million
6000.0 Million
5000.0 Million
4000.0 Million

3043.1 Million
1000.0 Million
.0 Million
2017 2018 2019 2020 2021
IFAD Autos Limited
IFAD Autos Limited also increases its retained earnings year by year. Where their lowest
amount of retained earnings was in 2017 and their highest amount of retained earnings was in
2021. Where the amount increased from 3043.1 million to 5770.3 million.
24
2.3.4. DIVIDEND PAYOUT RATIO
The dividend payout ratio indicates the percentage of each dollar earned that is distributed to
the owners in the form of cash. It is calculated by dividing the firm’s cash dividend per share
(DPS) by its earnings per share (EPS). With this policy, the firm establishes that a certain
percentage of earnings is paid to owners in each dividend period. The problem with this
policy is that if the firm’s earnings drop or if a loss occurs in a given period, the dividends
may be low or even zero. Because dividends are considered an indicator of a firm’s future
condition, the firm’s stock price may thus be adversely affected.
Company 2017 2018 2019 2020 2021 Average
Bangladesh Autocars - 19.74% 65.36% 88.24% 108.11% 56.29%

Ltd
Aftab Automobiles 38.83% 44.78% 80.00% 1111.11% -25.77% 249.79%

Ltd
Runner Automobiles 34.16% - 22.68% 50.76% 37.04% 28.93%

Ltd
IFAD Autos Ltd 31.16% 31.38% 21.79% 96.77% 50.46% 46.31%
25
Dividend Payout Ratio

1.2
108.11%
1
88.24%
0.8
65.36%
0.6
0.4
0.2 19.74%
0 0
2017 2018 2019 2020 2021
The dividend payout ratio shifts upward each year which indicates that BD Autocars has
increased paying dividend to their shareholders per year. All the ratios are positive. They
never had to use retained earnings to pay their dividend dues.

1200.00% 1111.11%
1000.00%
800.00%
600.00%
400.00%
80.00% -25.77%
200.00% 44.78%
38.83%
0.00%
2017 2018 2019 2020 2021
-200.00%
From the table and the graph, we can see that Aftab Automobile Ltd has given good amount
of dividend from 2017 to 2019. In 2020, they have given the highest amount of dividend
which is 1111.11%. Then on the following year, their dividend payout ratio had dropped to -
25.77%. It means they had to give dividend from retained earnings.
26

60.00%
50.00% 50.76%
40.00%
37.04%
34.16%
30.00%
22.68%
20.00%
10.00%
0.00% 0
2017 2018 2019 2020 2021
The dividend payout ratio of Runner Automobile ltd has fluctuated from 2017 to 2021. They
paid dividend in 2017. Then in 2018, they did not pay any dividend. In 2019 and 2020, they
increased dividend amount. Again, in 2021 their dividend amount decreased. Overall
situation indicates that when they make enough profit, they pay dividend to their
shareholders.
IFAD Autos

120.00%
96.77%
100.00%
80.00% 50.46%
60.00%
21.79%
40.00% 31.16% 31.38%
20.00%
0.00%
2017 2018 2019 2020 2021
From the graph we can see Ifad Autos Ltd has been paid dividend regularly. Even in
pandemic situation in 2020, this company has paid the highest amount of dividend to its
shareholders.
27
2.3.5. CASH DIVIDEND
A cash dividend is money paid to stockholders, normally out of the corporation's current
earnings or accumulated profits. Not all companies pay a dividend. Usually, the board of
directors determines if a dividend is desirable for their particular company based upon
various financial and economic factors.
Year 2017 2018 2019 2020 2021 Average

Bangladesh Autocars - 3% 10% 3% 4% 4%
Limited
Aftab Automobiles Limited 16% 12% 10% 10% 5% 11%
Runner Automobiles 11% - 10% 10% 10% 8.20%

Limited
IFAD Autos Limited 21% 22% 10% 9% 11% 15%
Cash Dividend
0.12
0.1 10%
0.08
0.06
3%
0.04 4%
3%
0.02
0 0
2017 2018 2019 2020 2021
In 2017, BD autocars did not pay any cash dividend. From 2018-2021, they have paid cash
dividend to their shareholders.
28
Cash Dividend
18% 16%
16%
14% 12%
12% 10% 10%
10%
8%
6% 5%
4%
2%
0%
2017 2018 2019 2020 2021
The ratio of cash dividend has been moving downward from 2017 to 2021.

12% 11%
10% 10% 10%
10%
8%
6%
4%
2%
0
0%
2017 2018 2019 2020 2021
From 2017 to 2021, Runner automobile ltd has paid cash dividend except 2018. In 2018 they
did not pay any cash dividend to the shareholders. They maintain a quite stable cash dividend
payment.
29
IFAD Autos Ltd
IFAD Autos Limited

25%
22%
21%
20%
15%
11%
10%
9%
10%
5%
0%
2017 2018 2019 2020 2021
Ifad Autos ltd pays 20% and 22% cash dividend in 2017 and 2018 respectively. Then that
falls down to 10% in 2019 and the percentages remain closely to 10% for 2020 and 2021.
2.3.6. STOCK DIVIDEND

Stock dividends are payments made to the shareholders as incremental stocks on their
existing holding. These are a step away from cash dividends. Instead of the actual outflow of
cash, the stockholders further receive stocks with no change in the total value of their original
holding. In essence, stock dividends are nothing but capitalization or reallocation of profits.
Companies usually resort to it when the cash flows are tight but want to pass on the
profitability to their shareholders.
Company 2017 2018 2019 2020 2021 Average
Bangladesh Autocars 3% 12% 15% - - 6%

Limited
Aftab Automobiles Limited - - - - 5% 1%
Runner Automobiles - - 5% - - 1%
Limited
IFAD Autos Limited 5% 10% - 2% - 3.40%
30

16%
14%
12%
10%
8%
6%
4%
2%
0%
2017 2018 2019 2020 2021
Bangladesh Autocars Limited paid a stock dividend of 3%, 12% & 15% respectively in the
years 2017,2018 & 2019. They didn’t issue any stock dividend in 2020 & 2021.

0.06
0.05
0.04
0.03
0.02
0.01
0
2017 2018 2019 2020 2021
Aftab Automobiles Limited didn’t issue any stock dividend from 2017 to 2020. But in the
year 2021, they issue 1 stock dividend for every 20 shares.
31

0.06
0.05
0.04
0.03
0.02
0.01
0
2017 2018 2019 2020 2021
Runner Automobiles Limited didn’t pay any stock dividend in the years 2017,2018,2020 &
2021. But in 2020 it issued a 5% stock dividend to its shareholders.
IFAD Autos Ltd
IFAD Autos Limited

12%
10%
8%
6%
4%
2%
0%
2017 2018 2019 2020 2021
IFAD Autos Limited issued a 5% stock dividend in 2017, a 10% stock dividend in 2018 &
2% in 2020. They didn’t give any stock dividend in 2019 and 2021.
32
2.3.7. NET ASSET VALUE PER SHARE
Net Asset Value represents the net value of an entity and is calculated as the total value of the
entity’s assets minus the total value of its liability. And if we divide the amount by the
number of shares outstanding, we will get net asset value per share. The net asset value
represents a fund's market value. When expressed at a per-share value, it represents a fund's
per-unit market value.
Company 2017 2018 2019 2020 2021 Average

Bangladesh Autocars
5.56 6.93 7.44 6.79 6.85 6.714
Limited
Growth 25% 7% -9% 1% 6%
Aftab Automobiles Limited 59.26 60.89 60.95 60.2 57.89 59.838
Growth 3% 0% -1% -4% -1%
Runner Automobiles
55.7 59.53 65.49 63.39 65.16 61.854
Limited
Growth 7% 10% -3% 3% 4%
IFAD Autos Limited 38.61 38.25 39.18 38.95 40.81 39.16
Growth -1% 2% -1% 5% 1%
Net asset value per share

8
7
6
5
4 7.44
6.93 6.79 6.85
3 5.56
2
1
0
2017 2018 2019 2020 2021
The company had the highest net asset per share value in 2019, and it was almost the
same in the years 2018, 2020, and 2021. Their net APS was lowest in 2017 which
was 5.56& highest was 7.44 in 2019.
33

61.5
61
60.5
60
59.5
59
58.5 60.89 60.95
58 60.2
57.5 59.26
57 57.89
56.5
56
2017 2018 2019 2020 2021
Aftab Automobile Limited net APS was balanced over the years. They had the
highest net APS in the year 2018 which was 60.89 and the lowest net APS in the year
2021 which was 57.89.

68
10% 3%
66
-3%
64
62
7%
60
58 65.49 65.16
56 63.39
54 59.53
55.7
52
50
2017 2018 2019 2020 2021
Runner’s net APS was 55.7 BDT in the year 2017 and it was growing gradually and became
65.49 BDT in the year 2019. Though APS fell a little bit in the year 2020 by 3%, in 2021 it
went back to its previous position by having 3% growth.
IFAD Autos Limited
34
41.5
41
5%
40.5
40
39.5 2%
-1%
39
38.5 -1% 40.81
38
39.18 38.95
37.5 38.61
38.25
37
36.5
2017 2018 2019 2020 2021
IFAD Autos Limited
IFAD Autos Limited had slightly fluctuating assets per share from 2017 to 2021.
The highest asset per share was in 2021 at 40.81 BDT & lowest was in 2018 at
38.25 BDT.
2.3.8. 52 WEEKS' MOVINGRANGE
Company Highest Price Lowest Price

Bangladesh Autocars Limited 166.7 128
Aftab Automobiles Limited 35.6 24.3
Runner Automobiles Limited 58.5 46.1
IFAD Autos Limited 56.3 43.1
Source: Dhaka stock exchange Date: 26/12/2022
52 weeks moving average

200
166.7
150 128
100
58.5 56.3
46.1 43.1
50 35.6
24.3
0
Bangladesh Autocars Aftab Automobiles Runner Automobiles IFAD Autos Limited
Limited Limited Limited
Highest Price Lowest Price
35
Bangladesh Auto Cars Limited:
Bangladesh Autocars Limited’s last 52 weeks’ moving range, the highest share price was
166.7 and the lowest price was TK.128.
Aftab Auto Mobiles Limited:

Aftab Auto Mobiles Limited’s last 52 weeks’ moving range, the highest share price was
TK.35.6 and the lowest price was TK.24.3.
Runner Automobiles Limited:

Runner Automobiles Limited’s last 52 weeks’ moving range, the highest share price was
TK.58.5 and the lowest price was TK.46.1.
IFAD Autos Limited:

IFAD Autos Limited’s last 52 weeks’ moving range, the highest share price was TK.56.3 and
the lowest price was TK.43.1.
2.3.9 RIGHT SHARE
 Bangladesh Autocars Limited did not issue any right shares in the market.
 Aftab Automobiles Limited did not issue any right shares in the market.
 Runner Automobiles Limited did not issue any right shares in the market.
 IFAD Autos Limited issued the right shares on the basis of 2R:5 in 2017 which
means, two rights shares for five existing shares held on the record date.
36
CHAPTER 3: FINDINGS & CONCLUSION
3.1 FINDINGS
1.Net Income: Among these four companies only Aftab automobiles Ltd incurred loss in
2021. Other than that all companies generate net profit all the years. The amount of income
varies very much in these five years which is reflected on their growth of income. Almost all
the companies’ net incomes have affected by pandemic situation. Net income of Runners
automobile ltd and Bangladesh Autocars are quite satisfactory compared to others.
2.EPS: BD autocars got the highest EPS which is 1.53 in 2019 among five years, on 2020
and 2021 experienced the lowest EPS.
Aftab automobile got the highest EPS 4.12 in 2017. After that their EPS decreases every year.
Even in 2021 their EPS is negative (-1.94). It reflects their loss in 2021.
Runner Automobile’s EPS is fluctuating. Their highest EPS was 5.07 in 2017. The value of
EPS increased and decreased over the five years.
Ifad autos got the highest EPS 7.01 in 2018. Other than that their EPS values are also
fluctuating over the five years. However, they were able to keep their values positive.
Comparing to others, Runner automobiles’ EPS seem better. They got only one negative
growth where others had multiple negative growths.
3.Retained Earnings: Bangladesh Autocars although saw a decrease in their retained

earnings from 2018-2019, they were able to increase their retained earnings in 2020 and
2021. This also aligns with the fact that they have been providing cash dividends and were
earning net profit.
Aftab Automobiles’ retained earnings have reduced over the 5-year period. The company’s
profitability has been decreasing and as a result it also paid less percentage of dividends.
However, to pay those dividends, the company may have spent its retained earnings for
which it decreases.
IFAD and Runner automobiles have been seeing increase in their retained earnings. This is in
line with their profitability since a portion of net income goes to retained earnings.
4. Dividend Payout Ratio: Bd autocars dividend payout ratio shifts upward over the years.
In 2018, the dividend payout ratio was 19.74% which is low. It can be either because of
expansion of operation or reinvestment decision. Then the ratios have been increasing and
become more than 50%. These ratios are too high and create questions on their sustainability.
37
3.2 DIVIDEND POLICY
Bangladesh Autocars Limited:
Bangladesh Autocars didn’t follow any of existing dividend policy exactly we usually find.
They didn’t pay any dividend in 2017. However, from 2018 to 2021 they regularly paid
dividend. The percentage of earnings provided as the dividend was increasing every year
from 2018-2021. Thus, it is very difficult to compare Bangladesh Autocars’ policy with any
of the policies we know.
Aftab Automobiles Limited:

Aftab Automobiles followed a low regular extra dividend policy during these 5 years. We can
relate their policy to the low regular extra dividend policy because from 2017 to 2019 they
paid quite a lot of dividend as per the dividend payout ratio. In,2020, they have given more.
Runner Automobile Limited:

We can say that Runner has followed a regular dividend policy as it constantly provided 10%
of face value of shares as cash dividend, except in 2017 and 2018. They provide bit higher
ratio in 2017 and did not pay any cash dividend in 2018. Though they had enough retained
earnings in those years. They also pay stock dividend in year 2019 among 5 years of period.
IFAD Autos:
IFAD Autos followed a low regular and extra dividend policy. From 2017-19 they provided
around 31%, 31% and 21% as dividend payout ratio respectively. In 2020 they paid a boost in
the dividend payout ratio which is around 96% and lastly in 2021 they paid 50% of dividend.
IFAD provided a high dividend when not earning abnormal profit, possibly to encourage
investors.
3.3DIVIDEND THEORY
Bangladesh Autocars Limited:
Bangladesh Autocars has mostly followed dividend relevance theory. The company’s EPSs
was positive, the growth was less than 80%. Besides, net asset value per share decreased in
2017 and 2020 and picked up very little in 2021. NAVPS has been very low, around BDT 5
to 7. Lastly, its average R/E growth was also negative.
Aftab Automobiles Limited:

Aftab Automobiles mostly followed dividend relevance theory. Although its profitability has
been decreasing, it has still provided dividends. Even if it incurred a net loss in 2021, it still
provided dividends from retained earnings. Besides, the market price of its share was lowest
BDT 24.3 and highest BDT 35.60 from 26th Dec, 2022. It focused more on cash dividend
even though it has lots of authorized capital for stock dividends.
Runner Automobile Limited:

Runner Automobiles has followed dividend irrelevance theory. Their average EPS was 3.57
while they were earning net profit every year, except 2020. Its accumulated retained earnings
have been increasing every year, averaging 9.83% every year. Besides, it’s NAVPS was BDT
61.854 on average. Importantly, its average dividend payout ratio was only 28.93%, which is
lowest among the five companies. Hence, it indicates that Runner followed dividend
irrelevance theory.
38
IFAD Autos:
IFAD Autos most likely followed dividend irrelevance theory. It earned net profit in all the
years. Its net asset value per share was stable during the period. Besides, its average EPS was
around 4.29. Besides, apart from 2020 and 2021, its dividend payout ratio was also quite
higher that previous 3 years. Lastly their accumulated retained earnings were increasing.
3.4 CONCLUSION
Dividend policy is the set of rules an organization uses to choose the amount of its income it
will pay out to investors. Dividend policy spreads out what level of an organization's income
will be paid out to its shareholders. In a year what level of dividend ought to be paid by an
organization relies upon the organizations' over abundance money or profit and affected by
organizations long-term earning power. Managers are divided into two groups; one group
believes dividends have no impact on the share price and another group believes dividends do
impact share price. Dividend policies are important for companies. We have taken 4
companies from automobile industries of Bangladesh and evaluate their dividend policies.
We find relationships between net income, EPS, R/E, cash dividend, stock dividend, net asset
value and dividend payout ratios to evaluate dividend policies of these companies. We have
seen that companies vary in profitability. Most importantly, we have seen that in 2020 and
2021, all the companies saw a decrease in their profitability due to the pandemic. This impact
was also visible on the EPS. All the companies, regardless of profit, tried to provide
dividends, except in some years. We have also noticed that companies don’t strictly and
directly follow any dividend policy. Regardless of the policies, companies should always
focus on the long-term growth and increasing future earnings by keeping the risk of their
investments to a controllable manner. These are analyzed based on some important factors
which are explained throughout the paper.
39
REFERENCES
 BRIEF HISTORY. (2022, December 15). Retrieved from Aftab Automobiles
Limited:
https://www.aftabautomobiles.com/
 Company Listing. (2022, December 15). Retrieved from Dhaka Stock Exchange
Ltd.:
https://www.dsebd.org/company_listing.php
 Dividend Fundamentals. (2022, December 15). In L. J. Zutter, Principles of
Managerial
Finance. Pearson.
 FINANCIAL STATEMENTS. (2022, December 15). Retrieved from Aftab
Automobiles
Limited: https://www.aftabautomobiles.com/financial-statements/
 20 APPROVAL RIGHTS SHARE ISSUE-2017. (2022, December 15). Retrieved
from
IFAD Autos Limited: https://www.ifadautos.com/20-approval-rights-share-issue2017/
 Lankabangla financial portallive stock data of Dhaka Stock Exchange (DSE),
financial statements, research, chart and Level 2 data. Lankabangla Financial PortalLive
stock data of Dhaka Stock Exchange (DSE), financial statements, research, chart
and level 2 data. (n.d.). Retrieved September 5, 2022, from https://lankabd.com/
 Home - Runner Automobiles PLC. Runner. (n.d.). Retrieved December 15, 2022,
from
https://runnerautomobiles.com/
 Administrator. (n.d.). Home. Bangladesh Autocars Limited. Retrieved December
18,
2022, from http://www.bdautocars.com/
 Profits of commercial vehicle sellers slump in Q1. (2019, November 17). The
Business
Standard. Retrieved September 5, 2022, from
https://www.tbsnews.net/economy/stocks/profits-commercial-vehicle-sellers-slumpq1-
33116
40

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Appraisal of Dividend Policy of

Automobile Companies of Bangladesh

Course Code: FIN 522

FIN522 | Corporate Finance | Section: 01

Dr. Tanbir Ahmed Chowdhury

Department of Business Administration

East West University

Master of Business Administration

East West University

Subject: Term Paper on “Appraisal of Dividend Policy of Automobile Companies of

CHAPTER 3: FINDINGS & CONCLUSION…………………………………………….37

1.1. OVERVIEW OF DIVIDEND POLICY

1.3. OBJECTIVE OF THE STUDY

1.4: LIMITATION OF THE STUDY

2.1 OVERVIEW OF THE COMPANIES

Bangladesh Autocars Ltd was incorporated on 01 August, 1979 in Bangladesh as a Public

Listing Year 1988

Market Information (Amount in BDT)

Authorized Capital 3000 million

Paid up Capital 1005.19 million

Face Value 10 BDT

Current Market Price 24.50

52 weeks moving Range 24.30-35.60

Listing Year 1987

Market Information (Amount in BDT)

Authorized Capital 2000 million

Paid up Capital 1135.40 million

Face Value 10 BDT

Current Market Price 48.40

52 weeks moving Range 46.1-58.50

Listing Year 2019

Market Information (Amount in BDT)

Authorized Capital 3000 million

Paid up Capital 2529.50 Million

Face Value 10 BDT

Current Market Price 44.10

52 weeks moving Range 43.10-56.30

Listing Year 2015

2.2.2. Aftab Automobile Ltd

There equity is decreasing year by year and debt is increasing.

2.2.3. Runners Automobile Ltd

2.3 DEBT/EQUITY RATIO OF THE COMPANIES

Debt-to-equity (D/E) ratio is used to evaluate a company’s financial leverage and is

Year BD Autocars Aftab Runners IFAD

Bangladesh 3,549,935 5,890,139 6,606,741 1,491,469 1,580,571 3,823,771

Aftab 394,534,805 256,473,573 120,087,299 8,409,448 - 118,798,170

Growth 52.17% 8.47% -55.33% 37.06% 11%

IFAD 1,055,482,401 1,518,353,283 1,137,310,826 229,907,337 551,183,207 898,447,411

Bangladesh Autocars Limited

AFTAB Automobiles Ltd

300.0 Million -35%

Aftab Automobiles Limited

Runner Automobiles Limited

IFAD Autos Ltd

IFAD Autos Limited

Year 2017 2018 2019 2020 2021 Average

Bangladesh Autocars 0.95 1.52 1.53 0.34 0.37 0.94

Growth 60% 1% -78% 9% -2%

Growth -35% -53% -93% -2256% -609%

Growth 52% 3% -61% 37% 8%

Growth 4% -35% -80% 134% 6%

Earning per Share

Bangladesh Autocars Limited