The 15th Annual General Meeting of GPH Ispat Ltd. was held on Monday through digital platform. It was presided over by Mohammad Alamgir Kabir, Chairman of the company. GPH Group Chairman and Managing Director Mohammad Jahangir Alam, senior executives of the company and a large number of shareholders were also present. The 15th Annual General Meeting of GPH Ispat Limited was held on Monday through digital platform.
Chairman of the company Mohammad Alamgir Kabir presided over the meeting.
The meeting approved the financial report of GPH Ispat for the year ended 30 June 2021, the relevant audit report and the report of the Board of Directors. The meeting approved a total dividend of 30% including 20% cash 10% stock dividend declared for the shareholders for the financial year 2020-21, according to a statement.
In his welcome address, Md. Alamgir Kabir, said that the Board of Directors was always sincere to fulfill the promises made to the shareholders of the company in spite of the pressures of conducting business in the environment, that is not congenial.
"As an integrated steel producer, we are utilizing the sustainable and world's most advanced technology based on EAF Quantum Technology steelmaking process to meet our customers' needs while creating a more variable cost structure and reducing our overall capital intensity. We are executing on our strategy by investing where we have distinct cost and capability advantages to be a steel solutions provider for our customers," he said.
He said that GPH Ispat Limited is not only active in Bangladesh but also makes its presence globally by exporting MS billet to China.
He mentioned that the future of steel industry in Bangladesh is very bright as the use of steel in mega projects is increasing in the country.
Mohammad Jahangir Alam, Chairman and Managing Director of GPH Ispat said that till June 30, 2021 the company has exported a total of 86,378 metric tons of MS billet consisting of four consignments to China from the newly expanded plant. If policy support from the government is received like other export sectors, we would be able to continue such export in future and this will become a new avenue in export sector.
He said that in 2020-2021 GPH Ispat has delivered a solid performance both in operational and financial business segment. Despite of high competition in local market and in raw materials price volatility in international market, the net revenue of GPH has increased by 199.43 % against the previous year. The profit after tax is BDT 1660.89 million while BDT 299.42 million in the previous year. Our main priorities for the coming years are to expand the company's range of steel products both in local and international market by developing customer relations and improving the operational efficiencies.
The contribution to the national exchequer was very significant since the inception of GPH Ispat Limited. In 2020-2021, GPH contributed BDT 3913.57 million to the national exchequer.
GPH Additional Managing Director Mohammad Almas Shimul said that due to the digitization initiative of Prime Minister Sheikh Hasina, technology and products are reaching consumers in remote areas. As a result, the popularity and marketing of GPH products has multiplied.
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