GPH Ispat approves 10pc dividend at 17th AGM

GPH Ispat Ltd approved a total dividend of 10 per cent including 5 per cent cash (exclusive to general shareholders, excluding sponsors and directors) and 5 per cent stock dividend for its shareholders for the financial year 2022-23.

The approval came at the 17th Annual General Meeting held on Thursday (December 28) at 3 PM through a digital platform, according to a press release.

In the meeting, the financial report of GPH Ispat Ltd for the year ended on June 30, 2023, the related audit report and the report of the board of directors were also unanimously accepted and approved.

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, Md. Azizul Haque, Independent Directors Shafiul Alam Khan Chowdhury and Mukhtar Ahmed.

Executive Director (F&BD) Kamrul Islam FCA conducted the session and replied to the questions of shareholders.

Chief Financial Officer Abu Bakar Siddique FCMA, Group Chief Financial Officer H.M Ashrafuzzaman FCA, acting company secretary Md Mosharraf Hossain, senior officials of the company and a large number of shareholders participated in the meeting.

In his welcome speech, GPH Ispat Chairman Mohammad Alamgir Kabir said that GPH Ispat Limited has tackled the sector's challenges with resilience and foresight.

“Our excellence is marked by manufacturing breakthrough products GPH QUANTUM B600C-R and GPH QUANTUM B600D-R utilizing state-of-the-art Quantum Electric Arc Furnace technology which is earthquake resistant, 30 per cent cost effective, reducing labor and transportation costs. This strategic move has ushered in new heights in the steel industry.”

“In the last financial year we have ensured maximum customer service, which is one of the reasons for our continued growth despite the uncontrollable challenges. A steadfast commitment to innovation, continuous improvement and operational excellence in line with our vision of “survival for the fittest” in our efforts to transform Bangladesh into a high-income country is inherent in our actions. Our focus on building a performance driven culture with highly talented human resources has made us an employer of choice and this commitment earned us the SDG Brands Champion Award 2023 in the Industry, Innovation and Infrastructure category given by the Bangladesh Brand Forum”, he added.

Group Chairman and Managing Director Mohammad Jahangir Alam said, “We have tried our best despite the tough crisis due to covid 19, war in Ukraine, trade embargo etc. and so far we have been working with great success. Our technology, product and service quality above all proper management have played a helpful role in facing this difficult situation. We have made efforts to strengthen GPH Steel's position in the steel market and increase market share.

The increase in the value of the dollar as well as the increase in the price of utilities has increased the cost of production. Due to this, the price of MS rod has increased in the market and the demand has decreased a little. However, the decline in steel production at the factory level is more than the decline in local demand. Moreover, due to the shortage of electricity and gas supply, production had to be stopped many times. In spite of this, during the financial year 2022-23, GPH deposited Tk 5,201.20 million in the state exchequer as value added tax (VAT), corporate tax, source tax, supplementary duty, custom duty, and miscellaneous registration fees. Moreover, in FY 2022-23, GPH Ispat Limited paid Tk 4,931.10 million towards utility bills. In this case, compared to last financial year, production has increased by 9.74 per cent and revenue has been increased by 17.61 per cent”, he said.

Speaking at the meeting, the two independent directors, Shafiul Alam Khan Chowdhury and Mukhtar Ahmed respectively expressed their strong opinion to perform the right duties on the GPH Board of Directors on behalf of the shareholders.

Mohammad Almas Shimul, Additional Managing Director of GPH said that they have produced the first and highest quality steel in Asia and opened up new horizons in trade by exporting to countries like China.

He expressed his gratitude and appreciation to the concerned ministries and regulatory bodies, banks and financial institutions, and print and electronic media.