A Bangladesh Bank-directed special audit has transformed Uttara Finance and Investments Limited’s reported 2019 profit into a loss, with the company restating earnings per share from a profit of Tk8.27 to a loss of Tk23.43 and subsequently reporting two more years of losses that pushed net asset value per share below zero by 2021.
The listed non-bank financial institution disclosed through the Dhaka Stock Exchange (DSE) on Monday its restated consolidated financial statements for 2019 alongside audited consolidated financial statements for 2020 and 2021.
The company said the 2019 accounts were restated on 23 February 2025 following instructions from Bangladesh Bank after a special audit by RRH (KPMG) identified what it described as a major financial scam based on the company’s financial position as of 31 December 2019. The annual general meeting (AGM) for 2019 had already been completed before the accounts were revised.
The restated accounts showed consolidated net asset value (NAV) per share fell to Tk29.55 in 2019 from Tk55.00 a year earlier, while consolidated net operating cash flow per share improved to Tk13.24 from negative Tk21.55.
Financial conditions deteriorated further in 2020. Consolidated loss per share widened to Tk35.98, while NAV per share declined to Tk9.26 from Tk29.55. Consolidated net operating cash flow per share remained positive at Tk12.04.
Although losses narrowed in 2021, the company’s balance sheet weakened further. Consolidated loss per share stood at Tk23.48, while NAV per share turned negative at Tk32.74 from negative Tk9.26 a year earlier. Consolidated net operating cash flow per share also slipped into negative territory at Tk20.38 from a positive Tk12.04.
The company said statutory deadlines for holding AGMs for the 2020 and 2021 financial years had already expired.
It plans to petition the High Court after completing and auditing its outstanding financial statements for 2022, 2023, 2024 and 2025. Subject to the court’s approval, the company will announce the record date and schedule for the delayed AGMs.
Shares of Uttara Finance closed at Tk13.30 on Monday after trading between Tk13.30 and Tk13.50 during the session.
