Shares of Sena Insurance and Crystal Insurance declined on the Dhaka Stock Exchange (DSE) on Tuesday, even as both companies reported year-on-year profit growth for 2025, highlighting a disconnect between earnings performance and market sentiment.
Army-run Sena Insurance, a subsidiary of the Sena Kalyan Sangstha (SKS) under the Bangladesh Armed Forces, posted a profit of Tk 206.8 million for 2025, marking a 20.51 per cent increase over the previous year. The company declared a 15 per cent cash dividend for its shareholders.
However, despite the robust profit growth, operating cash flow per share fell to Tk 5.00 in 2025, down from Tk 7.23 in 2024, raising concerns among investors about liquidity and cash management. Following the earnings announcement, Sena Insurance’s stock slid 3.13 per cent, closing at Tk 58.60 per share on the DSE.
Similarly, Crystal Insurance Company Limited reported a 6.71 per cent increase in profit, reaching Tk 146.96 million for 2025. The company maintained a stable credit rating of “AA2” and declared a 12 per cent cash dividend. Yet, its cash flow from operations also contracted, falling to Tk 1.74 per share in 2025 from Tk 2.20 in 2024, a trend that puzzled market participants.
Following the earnings release, Crystal Insurance’s share price fell 4.58 per cent, closing at Tk 80.00 per share on the DSE. Neither company offered an explanation for the decline in operational cash flow, leaving analysts to speculate that investors might be wary of potential liquidity constraints despite higher profits.
Market experts suggest that the drop in share prices could reflect concerns over cash generation rather than profitability. “Profit figures alone are no longer the sole determinant of market performance; investors are increasingly cautious about the quality of earnings and the underlying cash flows,” said a Dhaka-based equity analyst.
Summary of 2025 Performance
| Company | Profit (Tk million) | YoY Growth (%) | Cash Dividend (%) | Cash Flow per Share (Tk) | Share Price (Tk) | Price Change (%) |
|---|---|---|---|---|---|---|
| Sena Insurance | 206.8 | 20.51 | 15 | 5.00 | 58.60 | -3.13 |
| Crystal Insurance | 146.96 | 6.71 | 12 | 1.74 | 80.00 | -4.58 |
The contrasting trends—rising profits but declining share prices—underscore the growing emphasis on cash flow metrics in the Dhaka stock market. Analysts advise investors to closely monitor both earnings growth and cash generation before making investment decisions.