Home ›› 05 Sep 2022 ›› Stock
Fu-Wang Ceramic Industries Ltd has decided to invest Tk 6,50 crore to raise its tiles production capacity subject to the approval of shareholders.
“The board of directors has decided to increase the tiles production capacity by 15,000 square meters (estimated) per day through a greenfield project including land and BMRE the existing tiles plant,” said the Fu-Wang Ceramic in a filing with the Dhaka Stock Exchange (DSE) on Sunday.
As Fu-Wang Ceramic Company Secretary A Halim Thakur told The Business Post, “The production costs of each company in the country are different. It is necessary to change its machinery as our company is very old. That is why the initiative to do BMRE has been taken.”
“If the BMRE is done, our revenue will increase,” he said.
In the January-March quarter of FY22, the company’s total revenue was Tk 21.75 crore, an increase of 14 per cent from Tk 19 crore in the same period a year earlier. Its earnings per share (EPS) stood at Tk 0.06, up from Tk 0.06 during the period.
As of March 31, 2022, the company’s net asset value per share stood at Tk 11.78 against Tk 11.70 as of June 30, 2021.
The company has recommended a 2 per cent cash dividend for its shareholders for the period ended on 30 June 2021.
Its total sales stood at Tk 62.66 crore in the FY22, which was Tk 56.64 crore in the previous fiscal year.
The Bangladesh Securities and Exchange Commission restructured the board of directors of Fu Wang Food Ltd earlier this year. The company was given five independent directors by the regulator.
As of July 31, 2022, the sponsors and directors jointly held 27.83 per cent of the company’s paid-up capital.
Institutions own 3.31 per cent, foreign investors 0.40 per cent and the general public 68.46 per cent of the company’s stake. Fu-Wang Ceramic made its stock market debut in 2000. On Sunday, its share rose 2.15 per cent to Tk 19 on the Dhaka Stock Exchange.
