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GPH Ispat holds 16th AGM, total dividend 11pc approved

Published : Thursday, 29 December, 2022 at 12:20 PM  Count : 376

GPH Ispat holds 16th AGM, total dividend 11pc approved

GPH Ispat holds 16th AGM, total dividend 11pc approved

The 16th Annual General Meeting (AGM) of GPH Ispat Ltd. was held on Wednesday (December 28) through digital platform.

Chairman of the company Mohammad Alamgir Kabir presided over the meeting, said a press release.

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, Md. Azizul Haque, Independent Director Mukhtar Ahmed, Executive Director (Group) and Company Secretary Abu Bakar Siddique FCMA. Executive Director (F&BD) Kamrul Islam FCA conducted the session and replied to the questions of shareholders. Chief Financial Officer HM Ashrafuzzaman FCA, and senior officials of the company were present in the meeting.

A large number of shareholders participated in the meeting.

In that meeting, the financial report of GPH Ispat Ltd. for the year ended on 30th June 2022, the related audit report and the report of the board of directors were unanimously accepted and approved.

The meeting approved a total dividend of 11% including 5.50% cash and 5.50% stock dividend declared for the shareholders for the financial year 2021-22.

In his welcome speech, GPH Ispat Chairman Mohammad Alamgir Kabir said that currently the construction industry of Bangladesh is expanding. Due to this anticipated demand, sustainability and safety of the construction project, GPH is the only company that has introduced the world class technology Quantum Electric Arc Furnace (QEAF) in Bangladesh.

Group Chairman and Managing Director Mohammad Jahangir Alam said the Russia-Ukraine war, Covid-19 and the global economic slowdown have severely disrupted the global supply chain of the steel market and international trade in 2021-2022, while increasing raw material prices, shipping and freight costs. In these challenging times, GPH management has adopted strategic decisions, new innovations, cost control, power saving policies etc. GPH has achieved its target revenue growth which is 65.67% more than last year. In the financial year 2021-2022, GPH contributed Tk 442.23 crores to the government exchequer at various stages of its production and sales and that is almost 10% of our total sales and 13% more than the previous year.

He said, "It is a matter of great pleasure that GPH has started production of GPH Quantum B600C-R steel re-bar for the first time which is tested and certified by BUET. It is ready to meet the growing residential and infrastructure construction needs of the country. The steel re-bar is stronger than any rod on the market, which will reduce construction rod consumption by 16% to 30%. Besides, other construction costs including labor will be reduced and the quality of construction will be improved along with increased floor space and reduced deadload of the building."

Mohammad Almas Shimul, Additional Managing Director of GPH said, "We are manufacturing the best technology and quality steel in the world."

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