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Anwar Galvanizing, a listed concern of the Anwar Group of Companies, has decided to double its production capacity within 2022 investing Tk 27 crore.
The increase by 2,417 tonnes will take its total capacity to manufacture galvanised corrugated sheets and iron fittings to 4,725 tonnes per annum.
After the expansion announcement was disclosed on the Dhaka Stock Exchange (DSE) website, the company’s stock price rose 3.15 per cent yesterday. In a span of three months, it has soared 195 per cent to Tk 343 from Tk 116. The new project will be financed from a mix of the company’s own resources and borrowed finance. It hopes that the increase would take its market share from 25 per cent to 52 per cent.
The company also informed that it received a letter from Dhaka Electric Supply Company enabling an additional power supply of 1 megawatt that would support the expansion.
Anwar Galvanizing’s paid-up capital was Tk 15 crore and it disbursed 10 per cent cash and 5 per cent stock dividends for the year ending on June 31, 2020.
Its sales dropped 9.7 per cent to Tk 14 crore in the January to March period of 2020-21. Meanwhile, its profits fell 10 per cent to Tk 82.4 lakh.
However, in the nine-month period of the financial year, its profits rose 49 per cent to Tk 3.24 crore.
(TDS)
