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Anwar Galvanizing Limited has recommended a 20 per cent cash and 10 stock dividends to its shareholders for the last fiscal year.
The dividend payout was declared at a board meeting of the publicly traded company on Saturday.
An annual general meeting (AGM) of the company is scheduled for January 12 while the record date for the entitlement of the dividend is November 18.
Despite the Covid-19 induced adversities, the corrugated sheet and GI fittings manufacturer has recently taken initiative to expand its business and reduce dependency on imports.
In August, the company declared to invest Tk 27.37 crore at its factory in Tongi of Gazipur. Anwar Galvanizing aimed to double its production and meet the domestic demands through the investment,
Upon completion of the expansion process, the company’s total manufacturing capacity will stand at 4,725 metric tons per annum, up from its present capacity is 2,308 metric tons per annum.
The expansion project, which will be funded from the company’s own resources and borrowed finance, is expected to be completed by the end of 2022.
It received sanction letter, dated May 23, from the Dhaka Electric Supply Company for an additional power supply of one megawatt, in favour of the expansion.
According to the company sources, the additional quantity produced will directly replace the products that are now being imported and the market share thus will increase from 25 per cent to 52 per cent.
Anwar Galvanizing Limited, a sister concern of Anwar group, went into operation in mid 1980s with the production of galvanized corrugated sheets.
The company was listed on the stock exchanges in 1996. It is carrying out capital market business under ‘A’ category at the DSE by providing dividends regularly.
According to the Dhaka Stock Exchange data, Anwar Galvanizing’s current market capitalisation is Tk 488 crore. Its share price has
been increasing continuously since May. The price rose to Tk 341 on Tuesday, 196 per cent up from Tk 115 of May 2. The price earnings ratio (P/E) is 164.14 per cent.
As of July 31, the public were holding 41.17 per cent, sponsor director 35.32 per cent, and institute 23.51 per cent of the company’s total shares.
There was no government and foreign shareholders in the company.
It distributed cash dividend for most of the years. In 2020, the company disbursed 10 per cent cash and 5 per cent stock dividends to the shareholders.
The authorised capital of the company is Tk 20 crore, when the paid-up capital is Tk 15.24 crore. The number of the outstanding securities is 1.52 crore.
According to the financial statement for the first nine month (July-March) of FY21, the company’s revenue increased 11 per cent compared to the same period of the previous financial year.
At the same time, its after-tax profits increased around 49 per cent to stand at Tk 3.24 crore. The profit was Tk 2.17 core during the same period of FY20.
