Bashundhara Paper Mills approves 10pc cash dividend

Staff Correspondent

25 December, 2020 12:00 AM printer

Bashundhara Paper Mills approves 10pc cash dividend

Bashundhara Group Senior Advisor AR Rashidi along with BPML Independent Director Khawaja Ahmedur Rahman poses for a photo at the 27th annual general meeting (AGM) of Bashundhara Paper Mills virtually at Bashundhara Industrial Headquarters-2 in the capital on Thursday.

Bashundhara Paper Mills Limited (BPML) has approved a 10 percent cash dividend for its shareholders in the capital market for the audited fiscal of 2018-19 ended on June 30.

The board of directors approved the dividend at the 27th annual general meeting (AGM) of the company held virtually on Thursday.

BPML, a venture of Bashundhara Group, made a flying debut in country’s two bourses in Dhaka and Chattogram as a turnover leader in July 2018 with the issue price of Tk 80 per unit.

The company reported earnings per share (EPS) at Tk 1.64 for the last fiscal. During the period, the company earned a net profit of Tk 285.83 million after contributing Tk 721.54 million to the national exchequer in FY 2019-20, according to the annual report of the company.

Chaired by Bashundhara Group senior Advisor AR Rashidi, BPML Independent Director Khawaja Ahmedur Rahman, Directors Imrul Hassan and Nazmul Alam Bhuiyan joined the AGM from Bashundhara Industrial Headquarters-2 in the capital.

Expressing satisfaction over the dividend, virtually connected shareholders mentioned the 10 per cent cash dividend was a positive sign of the company’s growth despite the coronavirus pandemic.

Local entrepreneurs have invested Tk 700 billion in the country’s paper sector, generating 2 million jobs.

Bashundhara Paper dominates hygiene product market with 75 per cent stakes through increasing annual production in 3 units equipped with modern machinery.

Senior Advisor AR Rashidi said Bashundhara Paper has kept the lead in the paper and paper-oriented product market in an extremely competitive market.

“Bashundhara Paper represents a 30 per cent market share in the paper sector. The company exports papers to 30 countries across the world maintaining quality and standard.  During the changing landscape of the business amid the coronavirus pandemic, the company has taken different initiatives to keep pace in business. At present, the annual demand for tissue in the country is around 36,000 tonnes. Bashundhara Tissue meets 75 per cent of the local market demand,” AR Rashidi explained.

Referring to social corporate responsibilities of the company, Rashidi further said  Bashundhara Tissue has distributed facial masks and hygiene products among masses in different areas, which was appreciated by all.

He said the world economy has experienced the most adverse situation of the last 100 years during the global pandemic, also affecting the paper sector.

“The paper industry has experienced challenges in its peak season amid the pandemic. Especially, the retail paper sales have reduced significantly due to closure of educational institutes amid the pandemic. However, Bashundhara Paper has kept the business sustainable with the time-befitting strategy and skilled management by the company management. During the time, Bashundhara Paper kept the supply chain active by introducing innovative products as per local demand,”

Among others, BMPL deputy managing director Mustafizur Rahman, chief financial officer Mirza Mujahidul Islam, Accounts Head Kamrul Hasan and company secretary M Mazedul Islam were also present on the occasion. The company’s paid-up capital is Tk 1.73 billion and authorized capital is Tk 5.0 billion while the total number of securities is 173.79 million.