Meghna Cement approves 10pc stock dividend
Meghna Cement Mills Limited, the manufacturer of King brand cement and a concern of Bashundhara Group, on Wednesday approved a 10 percent stock dividend for its shareholders for the financial year 2017-18 that ended on June 30, 2018.
The dividend was approved at its 26th annual general meeting (AGM) held at International Convention City Bashundhara (ICCB) in the city.
The shareholders approved the audited accounts, auditor’s report and annual report of the year. The shareholders also gave consent to issuance of Tk 100 crore fully redeemable, non-convertible and non-listed preference shares.
Presided over by Bashundhara Group Advisor AR Rashidi, Independent Director Khawaja Ahmedur Rahman was present at the AGM.
On behalf of the company directors, Maynal Hossain Chowdhury, Major General (retd) Mahbub Haider Khan, Mohammad Abu Tayeb, Engineer Mahbub uz Zaman and Chief Financial Officer (CFO) Tofail Hossain and company secretary M Naseemul Hye were also present on the occasion.
During the financial year the company net sales revenue amounted to Tk 553.34 crore compared to Tk 498.1 crore in previous fiscal, registering an increase in sales of Tk 55.24 crore.
The net profit of the company during the last fiscal was Tk 8.14 crore which was Tk 6.54 crore in 2016-17 fiscal, registering 24.48 percent increase in its net profit.
In 2017-18 fiscal, the company produced 9.02 lakh tonnes of cement compared to 8.55 lakh tonnes of cement in 2016-17 which was 5.5 percent higher than the previous fiscal.
According to the annual report, the earning per share stood at Tk 3.62 in the concluded fiscal while it was Tk 2.91 in the previous fiscal.
Speaking on the occasion, AR Rashidi said that Bangladesh ranks 40th among the global cement producing countries and has become self-sufficient in cement and other construction material production.
“Although the country produces cement more than the demand but still there remains huge demand of quality cement in the country. Keeping eye on this fact, Meghna Cement has taken initiative for expansion”, he said.
The company signed an agreement with a Danish company for buying a vertical roller machine to build up its production capacity worth of Tk 244.79 crore. Commercial operation with these newly set machineries is expected to start by the mid of 2019, he added.
Among general shareholders, some 35 shareholders took part in the discussion.
The MCML, the first manufacturing enterprise of Bashundhara Group, is one of the largest cement manufacturing industries in the country.
This enterprise was established in 1992 on the bank of the Pashur River and in the industrial zone of Mongla port having good highway and navigation communications with other parts of the country.