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Meghna Cement approves 20pc cash dividend

Meghna Cement approves 20pc cash dividend
Meghna Cement Mills Ltd, a concern of country’s leading business conglomerate Bashundhara Group, on Tuesday approved a 20 percent cash dividend for its shareholders for the financial year (2016-17) that ended on June 30, 2017.
The dividend was approved at its 25th annual general meeting (AGM) held at International Convention City Bashundhara (ICCB) in the city yesterday.
The shareholders also approved the audited accounts, auditor’s report and annual report of the year.
Presided over by sponsor director AR Rashidi, independent director Khawaja Ahmedur Rahman, Bashundhara Group advisors Maynal Hossain Chowdhury, Major General (retd) Mahbub Haider Khan, Mohammad Abu Tayeb, Bashundhara Group Deputy Managing Director Engineer Mahbub uz Zaman and company secretary M. Naseemul Hye were present on the occasion.
According to the annual report, the company registered a 10 percent increase in production as compared to that in the last year. During the period, the company produced 8.55 lac metric tons cement as against 7.81 lac metric tons in the previous year.
The net sales revenue amounted to Tk 498.1 crore compared to Tk 496.9 crore in the previous fiscal year registering an increase of Tk 1.16 crore.
The earnings per share (EPS) in last fiscal stood at Tk. 2.91 and the net asset value (NAV) stood at Tk. 36.71 while the NOCFPS at Tk. 34.38 as against Tk. 3.08, Tk. 35.30 and Tk. 11.61 respectively during the same period in the previous year.
The company has also planned to increase its production capacity to maintain its market share and gear it up further. Meanwhile, the company has signed a contract with Denmark’s FLSmidth to install the advanced technological vertical roller mill (VRM) machineries having the production capacity of 20 lacs MT per year.
The company will implement the upgradation project with loan facilities from Infrastructure Development Company Ltd (IDCOL).
The company contributed about Tk 141.42 crore, 28.39 percent of its total sales revenue, to the national exchequer in the form of tax, customs duties, VAT in last fiscal year.
Meanwhile, the company also announced its unaudited results for the first quarter (July-September, 2017) of current fiscal. According to DSE, the EPS stood at Tk. 0.22 for the first quarter of the current fiscal (July-September) as against Tk. 0.16 for July-September, 2016. NAV per share was Tk. 36.93 as on September 30, 2017 and Tk. 36.71 on June 30, 2017.

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