BSRM Limited's revenue drops 27% in FY24
Highlights
- BSRM Limited recommends 35% cash dividend
- Revenue drops 27% to Tk8,352cr
- Profit jumped 48% to Tk432cr
- BSRM Steels declares 32% cash dividend
- Revenue fell 2% to Tk8,270cr
- Profit jumps 27% to Tk379cr
Country's leading steel manufacturer Bangladesh Steel Re-Rolling Mills (BSRM) Limited reported that its revenue declined by 27% in the fiscal year 2023-24, compared to the previous year.
The company disclosed its financials on Tuesday, following approval at a board meeting held the same day.
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According to its statement, BSRM Limited's revenue dropped to Tk8,352 crore in the last fiscal year, a significant decrease from Tk11,506 crore in the previous year.
However, its profit jumped by 48% to Tk432 crore during the last fiscal year, compared to the previous year. Its earnings per share stood at Tk14.48, while net asset value per share of Tk150.06.
Besides, BSRM Limited also declared a 35% cash dividend for its shareholders for the fiscal year 2024.
To approve the dividend and audited financial statement, the company will hold its annual general meeting on 14 December, while the record date is 14 November.
Its shares closed 1.36% higher at Tk82.20 on Tuesday at the Dhaka Stock Exchange (DSE).
Meanwhile, its associate company BSRM Steels Limited also disclosed its financial statement for the fiscal year 2023-24.
During the year, BSRM Steels revenue fell by 2% to Tk8,270 crore, while the profit jumped by 27% to Tk379 crore compared to the previous year.
Its earnings per share stood at Tk10.10, while net asset value per share of Tk80.93. Besides, it declared 32% cash dividend for its shareholders for the fiscal year 24.
To approve the dividend and audited financial statement, it will conduct the annual general meeting on 14 December, while the record date is 14 November.
Its shares closed 3.87% higher at Tk56.30 on Tuesday at the DSE.
BSRM launched its $217 million new plant in Chattogram's Mirsarai upazila this year.
This facility, with the ability to produce 8 lakh tonnes of steel each year, will increase the company's market share in the local steel industry from 23% to 34%, helping meet the growing demand for steel products.
BSRM has secured $50 million in low-cost loans from the Japan International Cooperation Agency (Jica) to set up the new re-rolling plant. It makes BSRM the first private company in Bangladesh to receive support under Jica's green industrialisation initiatives.
