Anwar Galvanizing, a listed company in the Anwar Group of Companies, has chosen to invest Tk 27 crore to increase its manufacturing capacity by 2022.
The 2,417-tonne expansion brings the company’s overall capacity for manufacturing galvanised corrugated sheets and iron fittings to 4,725 tonnes per year.
The company’s stock price jumped 3.15 percent yesterday after the expansion news was made public on the Dhaka Stock Exchange (DSE) website. It has increased by 195% in three months, from Tk 116 to Tk 343. The new project will be funded through a combination of internal business funds and borrowed funds. It is hoped that the increase would have a positive impact.
The business also stated that it has got a letter from Dhaka Electric Supply Company authorising an additional 1 megawatt of power supply to facilitate the development.
Anwar Galvanizing’s paid-up capital was Tk 15 crore, and it paid 10% cash and 5% stock dividends for the fiscal year ended June 30, 2020.
Its revenues fell 9.7 percent to Tk 14 crore from January to March of 2020-21. Meanwhile, its profits dropped 10% to Tk 82.4 lakh.
However, its earnings increased by 49% to Tk 3.24 crore in the first nine months of the fiscal year.