Mohammad Mufazzal
Zaheen Spinning Limited registered moderate growth in turnover and earnings in last four years following the company's smooth operation, officials said.
Meanwhile, they said the company opened its new unit, enhancing its production capacity, which would be strengthened further with another unit to be opened soon.
The company's turnover rose gradually and consequently the net profit increased in last four years.
Md. Mohin Uddin, the company secretary, said the production of Zaheen Spinning would increase proportionately after opening the proposed unit.
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The company witnessed a significant growth in net profit for the year ended on June 30, 2017 compared to same period of the previous year.
The company's net profit rose 56 per cent or Tk 42.58 million for the year ended on June 30, 2017 compared to previous year. The company's net profit stood at above Tk 119.24 million for the year ended on June 30, 2017 against above Tk 76.66 million calculated for same period of the previous year.
The company reported turnover worth above Tk 869.04 million for the year ended on June 30, 2017 against the turnover worth above Tk 794.95 million calculated for the year ended on June 30, 2016.
The company's turnover was above Tk 399.72 million for the year ended on December 31, 2012, above Tk 455.70 million for the year ended on December 31, 2013, and above Tk 725.56 million for the year ended on December 31, 2014.
The company also reported a turnover worth above Tk 1.32 billion for 18-month period ended on June 30, 2016.
The company's earnings per share (EPS) was Tk 1.39 for the year ended on June 30, 2017 and Tk 2.03 for 18 months ended on June 30, 2016.
The EPS was Tk 0.56 for the year ended on December 31, 2013 and Tk 1.36 for the year ended on December 31, 2014.
In November last, the company started the job of opening new unit and recently their new unit came into operation with 30 ring machines having 15,480 spindles.
The company is expected to increase production by 4,240 kg per day following the operation of new unit.
"We will open another unit of 20,640 spindles with the fund to be raised through rights offer soon. We hope our production will be enhanced," said Mr. Mohin.
He said the securities regulator has already approved the rights offer and the company will raise a capital worth above Tk 850 million through issuing 85 million shares.
"The objective of the rights offer is to ensure enhancement of production capacity that will generate more income," said the company secretary.
The company had earlier set up a captive power plant, BBT, gas generator, quality yarn machine and compressor at an aggregate cost of around Tk 50 million.
The company said the rotor thread would also be produced from the wastage of the ring unit.
Zaheen Spinning, presently an 'A' category company, was listed with the stock exchanges in 2015.
The company's sponsor-directors hold 31.10 per cent shares while institutions 26.63 per cent and general public 42.27 per cent as of March 29, 2018.
The company's share trading closed at Tk 12.40 with a marginal loss of 1.59 per cent or Tk 0.2 per share on Thursday.
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