Shikhar Insurance Company to refrain from dividend distribution for FY 74/75; publishes notice justifying the same

Through the issue of a notice, Shikhar Insurance Company Limited (SICL) has announced that it won’t be distributing any dividends from the profits of FY 74/75 for the shareholders.

As per the notice, this is because of the arrangements in the reserves required to prepare the financials reports on the basis of parameters laid down by Nepal Financial Reporting Standards (NFRS).

Following the reporting standards of the Insurance Board, the company had earned a net profit of Rs.39.92 Crore while as per the parameters of NFRS, the company has earned a net profit of Rs.45.55 Crore in the fiscal year 74/75.