Megna Cement declares 25pc profit

AGM-Nazmul-18

Forward-looking management and efficient productive force made Meghna Cement different from many industrial ventures as the owners declared 25 percent profit for the shareholders at a time of worldwide recession and a disaster on the local share market, besides various other business odds.

To the satisfaction of the company shareholders, the dividends were were put across the board at the AGM for the year 2012.

The 21st Annual General Meeting (AGM) of Meghna Cement Factory Ltd, a concern of country’s leading business conglomerate Bashundhara Group, was held Sunday successfully on the factory premises in Mongla of Bagerhat district.

An enlisted company with the capital market, Meghna Cement could secure Tk 141,300,000 profit in 2012–double the figure of profit posted in 2011.

The shareholders of the company expressed their satisfaction over the profit making.

Meghna Cement’s director Mahaboob Morshed Hassan chaired and also addressed the function as chief guest while independent directors Khawaja Ahmedur Rahman and Khondaker Mizanur Rahman, and directors Moynal Hossain Chowdhury, Engineer Mahbub-uz-Zaman and Ashraf Hossain Mondal were also present.

Some shareholders also spoke at the AGM to present their suggestions and impression about the business of the company.

Mahaboob Morshed Hassan said that Meghna Cement “could make remarkable profit despite multifarious drawbacks in cement business, including world recession and internal inflation”.

He said that the company would run towards” more profit and prosperity in future if the shareholders as well as personnel concerned of the company continue their sincere all-out support”.

“Despite adverse situation in business, we could double our profit in 2012 compared to that in 2011 only due to all-out support of the shareholders and efficient as well as sincere endeavour of the employees of the company,” Mahaboob said.

Jahangir Alam, one of the shareholders, noted that Meghna Cement has been increasing its profit every year by dint of the ceaseless sincere and honest effort of Bashundhara Group’s chairman Ahmed Akbar Sobhan and Managing Director Sayem Sobhan.

The shareholders approved details of the income and expenditures for 2012 at the AGM.

Also endorsed unanimously the issues of reappointment of the directors, 25 percent profit of the shareholders and appointment of the auditor.

The annual report of the company says the company paid more than Tk 154 crore as tax against its profit in 2012 which was Tk 146 crore in case of 2011.

Sources in the company informed that Meghna Cement factory was established in 1992 and started commercial production in 1996.
The company got enrolled with Dhaka Stock Exchange in 1995 and Chittagong Stock Exchange in 1996.

Meghna Cement produced 987,000 tons of cement in 2012 against its capacity to produce 1 million tons a year.