Analysis of Dividend Policies and Financial

Performance among Dhaka Stock Exchange Listed

Companies
 TERM PAPER ON

DIVIDEND POLICY

COURSE: MANAGERIAL FINANCE (FIN435)

SECTION : 2

Submitted To
Dr. Shabiha Akter
Assistant Professor
Department of Business Administration
East West University

Submitted By

Name ID Contribution Signature

S. M. Moshi Uz 2022-1-10-444 Computation, Analysis,
Zaman Summary
Fahrina Arefin 2022-1-10-086 Report of the body, Analysis,
Lamirah Inconsistency, Conclusion
Mostafizur Rahman 2021-1-10-094 Computation, Analysis,
Mohon Evaluation,
Recommendation
Md. Fahim Morshed 2022-1-10-173 Computation, Report of the
Body
Argho Gupta 2021-2-10-223 Analysis

Department of Business Administration

East West University

Submission Date: 11th May, 2024

2
Letter of transmittal

11th May, 2024

Dr. Shabiha Akhter
Assistant Professor
Department of Business Administration
East West University
Aftabnagar, Dhaka-1212
Subject: Submission of report on Analysis of Dividend Policies and Financial
Performance among Dhaka Stock Exchange Listed Companies.

Dear Madam,
It gives us immense pleasure to present our term paper. Analysis of Dividend Policies
and Financial Performance among Dhaka Stock Exchange Listed Companies for the
course Managerial Finance (FIN435). Doing this term paper, we have learned a lot of
practical things, and we believe that this experience will help us in the long run. This
term paper is truly our own idea, and we also took information from the Unilever CL,
Marico, Other informative websites too. We have acknowledged all the sources inside
our term paper. We would like to thank you for your valuable guidance in every problem
that we had.

We will be available for any further clarification required. Thank you.

Yours sincerely,
Fahrina Arefin Lamirah
ID: 2022-1-10-086
On behalf of the group.

3
Contents
ACKNOWLEDGMENT..............................................................................................................5
ABSTRACT..................................................................................................................................6
Introduction..................................................................................................................................7
Objectives......................................................................................................................................9
Analysis, Discussion and Findings.............................................................................................10
NPM:........................................................................................................................................10
EPS:..........................................................................................................................................12
Inconsistencies..........................................................................................................................13
Conclusion...................................................................................................................................18
Recommendation........................................................................................................................19

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ACKNOWLEDGMENT

This term paper is the result of a project work permeated by the course Managerial
Finance by Dr. Shabiha Akhter, Assistant Professor, Department of Business
Administration, East West University. We sincerely thank our respected course
instructor, for entrusting us with this responsibility. It was a very informative program
that will be very beneficial to us in the future. It will vastly expand our knowledge. This
study article would not have been feasible without the assistance and support of
everyone, including the members and, in general, everyone who helped. I would also like
to express my gratitude to my group members and friends for their guidance and financial
assistance. Without their assistance, the outcome of this study report would not be
conceivable.

5
ABSTRACT

The ultimate goal of a financial major student is to be able to analyze and make a
decision on a situation over a financial statement, throughout the whole course, a student
is expected to learn and use the learnings from the instructor in practical life in order to
be able to correlate the financial terms in the future. Our course, Managerial Finance has
guided us in many ways to analyze and research about certain financial terms such as
different types of ratio comparisons, mathematical computations, policies, basic
understanding of finance, etc. Through this report, we are ought to satisfy our
understanding on finance, especially dividend policy which is the highlight of this report.
Dividend policy basically points that how much amount of shares a firm is paying out to
its shareholders along with how many times. Firms through every year tends to pay their
owners their dividends in order to grow their share price. Our main focus this time is this
policy.

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Introduction
Dividend policy tends to acknowledge the frequency of shares a firm pays out and how
much amount of shares it does. A financially stable firm is what shareholders seek for,
and therefore dividend policy helps with the strategy of a firm to gain and grow their
share price. Without such policy, a firm is bound to meet an unexpected financial crisis or
never see their share price growing in the future. Firms usually strategize their policies in
order to gain market advantage. To gain it, there are different types of policies within
dividend. They are Stable dividend policy, Constant dividend policy, and Residual
dividend policy. Firms can use these policy and implement dividends by either paying
cash dividends, stocks, special bonds, property, liquidating etc. Through this report, we
will see how Marico Bangladesh and Unilever CL uses their dividend policies and how
their financial performance were throughout the last five years.

COMPANY OVERVIEW:

Unilever CL started its journey in Bangladesh back in 1974. Their former name was
GlaxoSmithKline Bangladesh Limited. By years of growing and reaching to a reputable
level in the market, the firm became Unilever consumer care limited in Bangladesh. This
company is a subsidiary of Unilever. Their Factory and registered office are at
Fouzderhat Industrial Area North Kattali, Chattogram.
It operates in Bangladesh certainly. Their consistent trial of introducing new products
frequently have made them reach their success. This subsidiary focuses on consumer
health items. Such as, Horlicks, Boost, Maltova, GlucoMaxD, etc.

On a global perspective, Unilever got about 60.1billion euro as turnover in 2022. At

present over 3.4million people are customers of this firm. This company has managed to

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spread their market in almost 190+ countries. During the pandemic situation, the
company had to face its losses, however by using the dividend policies, they have
managed to charge and boost through the difficulties, having a numerous amount of
profit.

Marico similarly, is a multinational company originated from India, since 1988, named as
Marico foods limited. In 1999, it first came in Bangladesh striving for opportunities, and
since then, it has grown to be one of the most influential market in terms of
pharmaceuticals. Marico has significant presence in Bangladesh. This firm, today
represents a state of mind in the consumer market.
During the fiscal year of 22-23 Marico managed to gain about 1.2 USD turnover in sales.
The leading brands of this firm can be Parachute oil, nutritious foods, edible oils, skin
care, male grooming items etc.

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Objectives
This study aims to comprehensively analyze the dividend policies and financial
performance of Marico and Unilever, two significant entities listed on the Dhaka Stock
Exchange. The primary objective is to understand their dividend payment practices,
financial strength, and operational efficiency. Firstly, we will scrutinize their dividend
policies, examining the frequency, stability, and sustainability of payouts to understand
their decision-making processes concerning shareholder wealth maximization. Secondly,
we will evaluate their financial performance by assessing key indicators such as
profitability, liquidity, solvency, and efficiency ratios, providing a comprehensive view
of their financial health. Moreover, we aim to identify specific financial indicators for
performance measurement, including metrics related to revenue growth, market share,
ROI, and shareholder value creation, aiding in understanding growth drivers.
Furthermore, we will determine the company retention ratio for investment policy,
analyzing reinvestment of earnings for future growth opportunities, and assess liquidity
positions to understand their ability to meet short-term obligations and capitalize on
investments. Lastly, an income statement analysis will be conducted to identify trends,
patterns, and drivers of revenue and profitability, aiming to uncover factors influencing
their growth trajectory and sustainable earnings generation. In summary, this study seeks
to offer a concise yet comprehensive understanding of the dividend policies and financial
performance of Marico and Unilever, providing valuable insights for investors,
policymakers, and stakeholders in the Dhaka Stock Exchange.

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Analysis, Discussion and Findings
Unilever Consumer Care Limited
2019 2019 2020 2021 2022 2023
tk637,773,00 tk530,127,00
Dividend 0 tk638,169,000 tk538,279,000 0 tk289,687,000
tk1,016,797,0 tk736,206,00
net profit 00 tk496,886,000 tk527,621,000 0 tk962,998,000
Shareholde tk1,591,845,0 tk1,482,714,0 tk1,480,289,0 tk1,681,620,0 tk2,355,503,0
rs' Equity 00 00 00 00 00
Retained tk1,461,383,0 tk1,352,252,0 tk1,349,827,0 tk1,555,989,0 tk1,872,822,0
Earnings 00 00 00 00 00
tk4,041,780,0 tk3,468,984,0 tk4,143,597,0 tk4,098,606,0 tk3,954,241,0
Revenue 00 00 00 00 00
Revenue
Growth - -14% 19% -1% -4%
Dividend
Payout
ratio 62.72% 128.43% 102.02% 72.01% 30.08%
Market
Price 1,792.00 2,819.06 3,047.63 2,850.96 2,120.46
Retention
Ratio 143.72% 272.15% 255.83% 211.35% 194.48%
Net Profit
Margin 25.16% 14.32% 12.73% 17.96% 24.35%
Return on
equity 63.88% 33.51% 35.64% 43.78% 40.88%
EPS $81.83 $43.94 $43.80 $60.64 $49.89

Marico Bangladesh Limited

2019 2020 2021 2022 2023
tk1,575,000,0 tk3,150,000,0 tk2,835,000,0 tk2,520,000,0
Dividend 00 00 00 00 tk963,573,744
tk2,023,391,8 tk2,646,238,4 tk3,108,680,0 tk3,485,558,5 tk3,889,758,3
net profit 22 47 33 31 34
Shareholde tk1,302,135,7 tk1,387,680,2 tk1,636,572,3 tk2,689,057,3 tk3,586,315,6
rs' Equity 54 32 96 10 43
Retained tk735,135,75 tk820,680,23 tk1,069,572,3 tk2,122,057,3 tk3,019,315,6
Earnings 4 2 96 10 43
Revenue tk8,768,160,1 tk9,795,911,3 tk11,306,519, tk13,032,188, tk14,135,741,

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 38 57 256 243 140
Revenue
Growth - 11.72% 15.42% 15.26% 8.47%
Dividend
Payout
ratio 77.84% 119.04% 91.20% 72.30% 24.77%
Market
Price 1,705.50 2,153.50 2,352.80 2,424.00 2,521.00
Retention
Ratio 36.33% 31.01% 34.41% 60.88% 77.62%
Net Profit
Margin 23.08% 27.01% 27.49% 26.75% 27.52%
Return on
equity 155.39% 190.70% 189.95% 129.62% 108.46%
EPS 64.23 94.01 98.69 112.82 122.93

NPM:
Theoretically NPM has a positive relationship with dividend payout ratio. As we know
that company is holding its retained earnings and paying its dividends from the net profit
so, as much as the net profit margin grows it will help the company to pay a high
dividend towards its investor’s and simultaneously; it can hold a very good amount of
retained earnings on its hand; which can be invested in financially lucrative projects to
generate more revenue.
Year to Year comparison of DPR with NPM, about the Unilever CL will more clear the
concept. The FY 2019 will show a significant amount of DPR 62.72% where the NPM is
at the peak comparing the other five years. By following the FY 2019 in FY 2020 the
company again shows a great DPR of 128.43% but this time because of this huge change,
there’s around 10% downfall in NPM 14.32%, comparing the previous year; assuming
the company paid dividends from its previous year retained earnings. On the FY 2021 the
DPR ratio was still over 100% which suggests that the firm might have made this
decision in order to tackle losses where the NPM shows the lowest value of 12.73%.
After two years of decreased performance in FY 2021 Unilever again reached at a good
percentage of NPM around 17.96% and it pays again a significant amount of DPR
72.01% without using any retained earning like previous two years and the FY 2023 is a

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another successful year for Unilever in terms of NPM 24.35% and DPR 30.08%. So at
the end we can say that the NPM and DPR is positively correlated but it can vary in
company to company because all companies didn’t have high DPR even after getting a
good percentage of NPM.
In the case of Marico they maintain a very good level of NPM which actually results in
continuous increase in DPR from FY 2019-2022 except the year 2023 because in the FY
2023 Marico pays a very little percentage of DPR, 24.77% which is much lower than the
other following FY 2019,2020,2021&2022 where the DPR is respectively
77.84%,119.04%,91.20% &72.30%, which are really a significant amount of DPR
comparing to the FY 2023 DPR 24.77% where the company hold much of this income on
the retained earnings. So overall Marico keeps a great balance between its DPR & NPM
through analyzing its investment opportunities which illustrated in the following 5 years
from FY 2019 – FY 2023.

ROE:
Theoretically ROE has a positive and significant effect on the Dividend payout Ratio
even ROE helps to predict a company’s dividends growth rate through using the ROE
and Payout Ratio. This means that if ROE increase the Dividend payout ratio is also
increase on the other hand if ROE decrease the DPR will also decrease for a certain
amount. Previously we said that ROE is the profitability index which represent how much
return a firm will make through using its own equity.
For Unilever In the FY 2019 the ROE is at the peak compare to the other Financial years
which is around 63.88% that means that the company is almost earn 63.88 BDT from
using it 100 BDT own Equity asset during that particular year the dividend payout ratio is
62.72% but on the next two year 2020 & 2021 The company ROE is relatively 33.51% &
35.64 % which is much lower and illustrating the low managerial performance but the
company pays very high amount of dividend just to keep the investors as the year passes.
On FY 2022 it achieve 43.78% of ROE which is really good comparing the previous two
years but the DPR ratio is less as company holding more of its earning as retained
earnings which increase the shareholder equity the same thing repeated in FY 2023 where

12
the company earn an eye catching ROE of 40.88% but the DPR ratio is again lower
around 30.08%.

For Marico every year it’s ROE is above 100%, as we can see that on 2019 it’s ROE is
155.39% and the DPR is also at a very good percentage of 77.84% the next four years
financial performance of Marico is also eye catching where the company earn 190.70%
of ROE and the DPR is around 119.04% during the year 2021 it again earn 189.95% 0f
ROE but here the DPR is less 91.20% comparing 2020. From 2022 to 2023 Marico
decline it’s ROE which is relatively 129.62% & 108.46% and the DPR is also lower
comparing other years which is 72.30% in 2022 and 24.77% in FY 2023.

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EPS:
For Unilever CL’s financial performance, we can notice that from FY 2019 there’s a
comparatively lower DPR, meaning the firm contributed its retained earnings in
reinvestment in the company rather than paying out their dividends, which ultimately
caused a higher EPS. Again from FY2020 to 2021, as previously said, the company paid
out unusual amount of dividends 128.43%and 102.02% resulting in a high dpr indicating
a lower EPS 43.94 and 43.8. There might be several external factor behind such decision.
Such as environment issues, economic recession, etc. After that period, the value of EPS
started to rise again because of lower DPR. It ended with an EPS holding about 49.89
almost 50 with a noticeable amount of decrease in DPR, that is 30.08%.

For Marico, however there was a consistent performance in their financial state. Their
EPS tend to rise throughout the five years. We can see that, in FY 2019, it was 64.23 with
a DPR of 77.84% which is high for a dividend pay. In FY 2020, there was a significant
change in DPR, consisting an amount of 119.04%, indicating the firm paid out more
dividends. But their EPS still raised about 94.01, it maybe because of the increased profit
from shareholder equity. After that in FY 2021 to 2023 the DPR started to decrease, from
91.20% to 24.77% indicating an increasing trend in EPS, from 98.69 to 122.93.

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Inconsistencies
From the computation of math of Unilever CL, we can see that from FY 2019, they paid
out about 62.72% of dividends which indicates that the company paid out a significant
amount of dividends rather than using that net income in reinvesting in the business.
However, in FY 2020 it escalated to 128.43% which is unusual and also implicates that
they used previous year income in order to do this. Thus resulting in a lower profit, which
is evident in NPM ratio, 14.32% very low compared to other years. In FY 2021, the DPR
ratio was still over 100%, which suggests that the firm might have made this decision in
order to tackle losses. The NPM is lowest in this year, 12.73%. Thus this also proves that
there was inconsistencies in these year 2022 and 2021, with the help of retention ratio, we
can notice that the ratio indicates a negative decimal value, meaning the firm paid out
more than their income which is unusual. However, this decision could be short lived,
because from 2022, the DPR and retention ratio started to normalize.
As we know, either EPS or ROE don’t directly connect with DPR, however; these ratio
might affect it. For example, a higher EPS may attract more investors, but since they are
using their income in paying more dividends rather than making the business grow
through reinvesting, it indicates that EPS would result in a lower value, which is true for
Unilever CL in the year 2020 and 2021. For ROE, the percentage values are inconsistent
in the year 2020 to 21 worth of 33.51% and 35.64%, acknowledging the fact that they did
get lower return through equity. Their dividend policy has played a major role in this
situation.
Now, by analyzing the calculations of Marico Bangladesh, we can justify that, since
2019, the DPR started to increase in numbers and then from 2020-2021 that amount went
up huge values, 119.04% and 91.20%. As said before this might be because the firm
wanted to pay out their outstanding dividends as soon as possible for more profit
indicating a need for income due unusual trend; however it significantly dropped in 2023.
The Retention ratio is an inverse form of DPR, so it correlates with the year to year
analysis. EPS, NPM seems stable and consistence with their values throughout 2019 to
2023 which also leads us to the conclusion that the firm had an objective to pay out
dividends in the 2020-21 year specifically; after this they had their EPS grow consistently
with a good amount of profit for both reinvestment and dividends. ROE however,

15
fluctuates throughout the years, though it doesn’t directly correlate with DPR, it may
affect the firms profit and making them be in need for more dividends.

Evaluation (Retention Ratio)

Unilever Consumer Care Limited, if we see the last 4 years(2020-2023) of retention ratio
& net profit trends of it then we can understand that as retention ratio rises the net profit
of that company also rises. It indicates that Unilever is doing something with the retained
earnings that helps the companies’ overall growth and well reputation and it also rises the
share price of that company.

For example,

Regarding investment: In 2022 Unilever invested 43C in 2021 as part of its

sustainability initiatives as per the news of DHAKA TRIBUNE. Moreover In 2020,
Unilever Overseas Holdings BV acquired 82% of GlaxoSmithKline (GSK) Bangladesh
Ltd. Unilever bought 98.75 lakh shares from Setfirst Ltd as per the newspaper THE
BUSINESS STANDARD and many more.
In terms of social work: Unilever Bangladesh pledges BDT 200m to fight Covid-19 in
2020 as per the news of THE FINANCIAL EXPRESS. Unilever, CIRCULAR to collect
1000 tones plastic from Dhaka as per the news of THE BUSINESS POST!

And share price: So, here if you can look at the share price of last 5 years you can see
that in first 3 years the share price has increased gradually and in last two years the price
started falling down, and surprisingly if you look at the retention ratio of Unilever then
you can relate that in last two years the retention ration was comparatively lower

YEAR 2019 2020 2021 2022 2023

Share Price 1792 2819.06 3047.63 2850.96 2120.46

So, we can stated that Unilever Consumer Care Limited Bangladesh has higher retention

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ration then in the following year the share price rises ultimately shareholders wealth
maximization. And it is also stated that Unilever Consumer Care Limited truly works for
both companies overall growth and shareholder value as the net profit continuous rises in
last 5 years almost and they also took new projects as well as did lots of social works.

Marico Bangladesh Limited, if we see the last 4 years (2020-2023) of retention ratio &
net profit trends of it then we can see that as retention ratio rises the net profit of that
company also rises. Moreover if we look at the EPS of the last 4 years, it has
continuously increased.
This directly means that Marico Bangladesh Limited has a specific vision and mission in
order to increase both companies growth alongside with shareholders wealth.

For example:
In terms of financial portfolio gains:
According to the newspaper of THE BUSINESS STANDARD, Marico exceeds Tk1,
000cr sales for 2nd time; Marico posts 13% profit growth amid economic crisis.
Moreover, Marico's business gets a boost on new products in 2022 as per the news of
THE FINANCIAL EXPRESS.
Marico Bangladesh to invest 227C in economic zone in 2020 as per the news of DHAKA
TRIBUNE.
In terms of social work: Coronavirus: Marico Bangladesh, FBCCI aids 5,000 families
in Gazipur according to the news of DHAKA TRIBUNE.
Marico, provide relief for 1000 ultra-poor in Gazipur as per the news of THE BUSINESS
POST.
And in terms of share price or EPS: As what supposed to be the occurred in share price
while retention ratio & net profit trends are rising which means the rise of share price and
that actually happened . Alongside with that, from the EPS section it is also stated that
from the financially Marico Bangladesh Limited is growing well with the time passes.
If we closely monitored the share price of last 4 years then we can see that:

YEAR 2019 2020 2021 2022 2023

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SHARE PRICE 1705.5 2153.5 2352.8 2424 2521
EPS 64.23 94.01 98.69 112.82 122.93
So, we can stated that Marico Bangladesh Limited works with their retained earnings in
order to increase the company’s overall growth from financial to social status and it also
beneficiary for shareholders since the share prices increases and later they got dividends
as well.
In comparison Marico Bangladesh Limited to Unilever Consumer Care Limited
Bangladesh, then we can say that as per the data Marico did well in last 5 years in terms
of increasing share price, EPS, Net profit etc.

Summary (Dividend Policy)

Optimal level of Dividend Policy is a firm’s goal to maximize its share value and a
continuous growth. It is mandatory to balance between both Dividend and Retained
Earnings for increasing market price as well as the investment opportunity. From one side
the firm increase the shareholder’s confidence for the firm and at the same time they
invest in various assets, projects, manufacturing so that the firm can grow more.
Following this point of view, Unilever and Marico both did excellent job in terms of
financial performance adopting optimum level of dividend policy. These companies
followed Residual Dividend policy which is balancing the capital structure emphasizing
both Dividend and Retained Earnings.

Unilever Financial Performance:

Year 2019 2020 2021 2022 2023

Dividend Payout
ratio 62.72% 128.43% 102.02% 72.01% 30.08%
Market Price 1,792.00 2,819.06 3,047.63 2,850.96 2,120.46
Retention Ratio 143.72% 272.15% 255.83% 211.35% 194.48%

Unilever increased their dividend payout ratio in 2020 from 62.72% to 128.43% in 2020.
As a result, the market price increased massively from BDT1792 to BDT2819.06. The
price not only impacted by dividend payout ratio but also it impacted by the retention
ratio as well. Unilever increased their retention ratio from 143.72% in 2019 to 272.15%
in 2020 that opened the opportunity for them to invest in further projects and assets to
grow more. Since 2020, Unilever balanced the dividend payout ratio and retention ratio
as a result the shareholder’s value increased significantly in 2023 compared to 2019.

Marico Financial Performance:

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Year 2019 2020 2021 2022 2023
Dividend Payout
ratio 77.84% 119.04% 91.20% 72.30% 24.77%
2,424.0
Market Price 1,705.50 2,153.50 2,352.80 0 2,521.00
Retention Ratio 36.33% 31.01% 34.41% 60.88% 77.62%

Compared to Unilever, Marico was the superior one in terms of their firm’s value since
2019. Very few firms are seen in an upward trend when it is about market value. Marico
had a constant growth of market price as we can see in 2019 it was BDT 1705.50 and in
2023 it increased to BDT 2521. The performance came from their optimal level of
dividend policy. It is illustrated in the table above that when Marico emphasized on
dividend, they had less retained earnings and when they emphasized on retained earnings
they had less dividend ratio in the particular years. Hence, we can see how they managed
to keep dividend and retained earnings balance optimal level in 2022 when dividend
payout ratio was 72.30% and retention ratio was 60.88%. This optimal level of dividend
policy led this massive upward trend in the shareholder’s value.

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Conclusion
Therefore, a company’s financial performance throughout years can vary because of
several reasons, affecting and putting an impact on the organizational overall profit and
growing its value in the competitive market. Dividend policy plays a significant role in
order to identify a company’s health financially.
By analyzing and findings about Unilever CL Bangladesh, we have found out about their
financial performance fluctuating throughout the FY 2019-2023 because of external
issues. However, through strategic dividend policy intake they have managed to tackle
their losses and overcome their decreased EPS, which is expected rise even more in the
future.
And for Marico, their consistent attitude of maintaining their profitability shows their
dedication over making sure meeting their expectation in financial performance so that
their organization reputation, financial health, and ultimately share price increase remains
concrete for the future.

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Recommendation
As we can see above that both companies did well in last 5 years (2019-2022) in terms of
net profit, share price, EPS, dividends system etc. So based on that, we come to some
points where it works like a suggestion that could be useful for both these companies as
well as those companies that are listed in this sector.
Monitor Retention Ratio Trends: The report highlights a correlation between retention
ratio and share price performance. It would be thoughtful to monitor retention ratio trends
of companies you're interested in investing in. Companies with a consistently high
retention ratio, like Marico, may potentially offer more stability and growth prospects for
shareholders as well as it also helps to increase the share price as well and does happen.
As per the data, as the retention ratio works, the share price and EPS also started rising
continuously.
But in case of Unilever, they somehow fall to keep the increasing graph of share price
although their retention ratio was good but somehow the net profit needs more as well as
social responsibilities.
Assess Market Conditions: While historical data provides valuable insights, it's
essential to consider current market conditions and future prospects before making
investment decisions. Factors such as industry trends, economic outlook, and regulatory
environment should be taken into account. For example, Unilever invested more as well
in projects or different assets but their net profit did not increase to up to the mark. It may
be they have invested for a long term projects that gives them a sustainable competitive
advantage.
For MARICO, continue investing in research and development to introduce new products
and capitalize on emerging market trends. Innovation can help Marico stay competitive
and maintain growth momentum.

Continuous Monitoring and Evaluation: Regularly assess financial and operational

performance metrics to identify areas for improvement and capitalize on growth
opportunities. This includes monitoring retention ratio, net profit, EPS, and share price
trends.

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Investor Communication and Transparency: Enhance communication with investors
and stakeholders to provide insights into corporate strategy, performance, and future
outlook. Transparency builds trust and confidence among shareholders, fostering long-
term relationships. In this case, Unilever did more AGM than Marico which is good for
the company that brings shareholders trust on that company as well.
Sustainability Integration: Integrate sustainability principles into core business
operations and decision-making processes. By prioritizing environmental, social, and
governance (ESG) considerations, both companies can create long-term value for
shareholders while contributing to broader societal well-being.

Appendix
https://www.unileverconsumercarebd.com/investor-relations/annual-
reports/annual-report-archives/?dateFrom=3-2022&dateTo=4-2023
https://marico.com/bangladesh/investors/documentation/annual-reports
Unilever CL Bangladesh information:

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Marico Bangladesh Information:

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