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SS Steel Limited reported total revenues of Tk 24.07 billion (Tk 2,407.16 crore) for the fiscal year ending 30 June 2024, registering an annual growth of 62 per cent.
The net profit of the steel manufacturer rose to Tk 56 million, up from Tk 17.60 million in FY 2022-23, according to a financial update published through a media release.
The company has expanded its production capacity through recent acquisitions, including Saleh Steel, Al-Falah Steel, and the operations of Peninsula and Super Star Steel Mills.
The combined capacity of SS Steel and its subsidiaries is approximately 500,000 tonnes of MS rod per year, according to the release.
Net asset value per share increased slightly to Tk 21.69 from Tk 21.50 in the previous year, and earnings per share (EPS) grew to Tk 0.17 from Tk 0.05. These updates were disclosed on the Dhaka Stock Exchange (DSE) website on 17 November 2024.
The board of directors has declared a 2.0 per cent cash dividend for general shareholders (excluding sponsors and directors) for the year ending 30 June 2024.
“This year’s financial performance is the result of efforts to streamline operations and manage costs effectively,” said Md. Mostafizur Rahman, Company Secretary of SS Steel Limited.
The company manufactures products under well-known brand names such as SS Tiger B400 DWR/60G TMT bar and SS Tiger B500 CWR TMT bar. Its production facilities are located in Tongi, near Dhaka.
As of 31 October 2024, SS Steel’s paid-up capital stood at over Tk 3.28 billion. The company’s shareholding structure includes 30.94 per cent held by sponsor-directors, 9.04 per cent by institutional investors, and 60.02 per cent by general investors.
SS Steel has been listed on the Dhaka and Chittagong stock exchanges since 2019 and continues to provide dividends to its shareholders.