Meghna Cement declares 15pc dividend

The Board of Directors of Meghna Cement Mills Limited (MCML), the manufacturer of King brand cement and a sister concern of Bashundhara Group, on Saturday declared 15 percent cash dividend for its shareholders.
The dividend was announced for the year ended on December 31, 2014 at the 23rd Annual General Meeting (AGM) of the company held on the factory premises at Mongla Port Industrial Area of Bagerhat on Saturday.
In a festive manner of the AGM, the directors’ report and the audited accounts of the company were accepted unanimously.
According to the directors’ report, Meghna Cement – the company listed on the capital market has earned Tk 10.07 crore after-tax net profit and its earning per share (EPS) is Tk 4.48.
The annual report shows that the company paid Tk 88.73 crore to the government exchequer as tax, duty and VAT in 2014.
Meghna Cement’s sponsor director Mahaboob Morshed Hasan chaired and also addressed the function as the chief guest while independent director Khawaja Ahmedur Rahman and Moynal Hossain Chowdhury, advisor (Treasurer) of Bashundhara Group (BG), AR Rashidi, senior advisor of BG, Engineer AKM Mahbub-Uz-Zaman, deputy managing director of Bashundhara Group (Cement Sector), Mohammad Tawhidul Islam, deputy managing director of East West Property Development (EWPD), Maj Gen (Retd) Mahbub Haider Khan, advisor of BG, Mohammad Abu Tayeb, adviser (press and media) of BG and company secretary Naseemul Hye FCS were also present.
Mahaboob Morshed Hasan said, “We have been running the company for two decades. We have turned the company into an established business entity and secured good position in the market.”
Describing company’s journey, he said “The year of 2014 was eventful due to political turmoil which disrupted the country’s economic growth. Despite the political unrest coupled with multifarious drawbacks in cement business, the company has declared 15 percent cash dividend for its shareholders.”
The number of consumers of cement is not very high in the country, he said, adding that the demand of cement will increase if public welfare related infrastructural works are initiated.
He also said, “The company will bag more profit and attain prosperity in the future if the shareholders and officials concerned continue their sincere effort and all-out support.”
A large number of shareholders also attended the AGM. Besides, some shareholders spoke at programme to share their suggestions and impression about the business of the company.
Mohammad Mojammel Haque, one of the shareholders, said, “We are very much impressed that Meghna Cement has declared dividends for us despite political unrest in 2014… We hope the company will make a handsome profit in the future.”
Another shareholder Towhidur Rahman said, “As the brand name is King, we want our company to stay in the market like a king. So, my expectation is that the board of directors will work to this effect.”
The MCML, the first manufacturing enterprise of Bashundhara Group, is one of the largest cement manufacturing industries in the country.
This enterprise was established in 1992 on the bank of the Pashur river and in the industrial zone of Mongla port having good highway and navigation communications with other parts of the country.
The MCML started its commercial operations on January 15, 1996. Following a successful public offerings (IPO), the company was enlisted with Dhaka and Chittagong stock exchanges in 1995 and 1996 respectively.