Eastland Insurance saw its profit decline in 2024 due to lower earnings from insurance premiums.

The company posted a net profit of Tk 8.95 crore in 2024, down 6 percent year-on-year, according to a recent price-sensitive information (PSI) disclosure.

Eastland's shares rose 1.66 percent to Tk 18.40 in mid-day trading yesterday at the Dhaka Stock Exchange (DSE).

The company reported earnings per share (EPS) of Tk 1.07 for the year ended December 31, 2024, compared to Tk 1.14 in the previous year, as per the PSI.

The insurer attributed the drop in EPS to a decline in net profit after tax.

Eastland's net operating cash flow per share (NOCFPS) dropped to Tk 0.76 in 2024 from Tk 0.83 a year earlier, due to lower net premium income.

Meanwhile, its net asset value (NAV) per share also declined owing to a fall in the market value of its investment in securities.

The company's board has recommended a 10 percent cash dividend, the same as last year, for general shareholders, excluding sponsors and directors.

The total amount of dividend payable to general shareholders stands at Tk 4.9 crore.

Founded in 1986, Eastland Insurance is headquartered in Dilkusha, Dhaka. The company was listed on the DSE in 1994 and had a paid-up capital of Tk 83.88 crore as of December 31, 2023.