AGM of GPH Ispat approves 10pc dividend

FE Team | Published: December 28, 2023 22:14:58

OUR CORRESPONDENT
CHATTOGRAM, Dec 28: The 17th Annual General Meeting of GPH Ispat Limited held on Thursday on a digital platform approved a 10 per cent dividend -- 5.0 per cent cash dividend for general shareholders and 5.0 per cent stock dividend for the shareholders for the fiscal year 2022-23.
Chairman of the company Mohammad Alamgir Kabir presided over the meeting.
The AGM was attended by Group Chairman and Managing Director Mohammad Jahangir Alam, Additional Managing Director Mohammad Almas Shimul, Directors Md. Ashrafuzzaman, Md. Abdul Ahad and Md. Azizul Haque, Independent Directors Shafiul Alam Khan Chowdhury and Mukhtar Ahmed. Executive Director (F&BD) Kamrul Islam FCA conducted the session. Chief Financial Officer Abu Bakar Siddique FCMA, Group Chief Financial Officer H.M Ashrafuzzaman FCA, acting company secretary Md Mosharraf Hossain, other senior officials of the company and a large number of shareholders participated in the meeting.
The AGM also unanimously accepted and approved the financial report of GPH Ispat Ltd. for the year ended on 30th June 2023, the related audit report and the report of the board of directors.
The increase in the value of the dollar as well as the increase in the price of utilities pushed up the cost of production. Due to this, the price of MS rod increased in the market and the demand decreased a little, said Managing Director Md Jahangir Alam.
However, the decline in steel production at the factory level was more than the decline in local demand, he added.
"Moreover, due to the shortage of electricity and gas supply, production had to be stopped many times. In spite of this, during the fiscal year 2022-23, GPH deposited Tk 5,201.20 million to the public exchequer as value added tax (VAT), corporate tax, source tax, supplementary duty, custom duty, and miscellaneous registration fees.
"Besides, in FY 2022-23, GPH Ispat Limited paid Tk 4,931.10 million in utility bills. In this case, compared to last fiscal year, production has increased by 9.74% and revenue has been increased by 17.61%," he added.
Mohammad Almas Shimul, Additional Managing Director of GPH said that they produced the first and highest quality steel in Asia and opened up new horizons in trade by exporting to countries like China. GPH is a referral plant for world's reputed companies visiting it.
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