16th AGM of GPH Ispat held

The 16th Annual General Meeting of GPH Ispat Ltd. was held on 28 December 2022 at 3 PM through a digital platform. Chairman of the company Mohammad Alamgir Kabir presided over the meeting. It 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 at 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 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 world-class technology Quantum Electric Arc Furnace (QEAF) in Bangladesh. Already we have proved our capability by participating in many mega projects of our country like 3rd terminal, Karnaphuli tunnel etc.

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.

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

Finally, he expressed his gratitude to the concerned ministries and regulatory bodies of the Government of Bangladesh, shareholders, government and regulatory authorities, banks and financial institutions, and print and electronic media.