Bashundhara Paper approves 12pc cash dividend

Bashundhara Paper Mills Limited (BPML) approved a 12 percent cash dividend to the shareholders for the fiscal year 2020-21.

The company declared the dividend with consent from the shareholders at its Annual General Meeting (AGM) held virtually on Tuesday.

BPML board of directors joined the AGM online from Bashundhara Industrial Headquarters-2 in Dhaka.
Chaired by senior advisor AR Rashidi, the meeting was attended by directors Mohammad Imrul Hassan, Nazmul Alam Bhuiyan, and independent director Khawaja Ahmedur Rahman on behalf of the Board.

BPML deputy managing director Mustafizur Rahman, chief financial officer Mirza Mujahidul Islam, and head of accounts Md Kamrul Hasan were also present.

Company secretary Mazedul Islam conducted the session.

BPML, a venture of Bashundhara Group, made its flying debut in the country’s two bourses and became the turnover leader with an issue price of Tk 80 in July 2018.

Expressing satisfaction over the dividend, virtually connected shareholders termed 12 percent cash dividend a positive sign of the company’s growth even during this coronavirus pandemic.

After deducting tax, BMPL made a profit worth of Tk 411.19 million in the year, which is 43 percent higher than Tk 285.83 million of FY2019-20.
In FY 2020-21, the company contributed Tk 1069.89 million to the national exchequer.

The sales revenue of BPML increased about 8.63 percent year-on-year while the export revenue rose 38 percent during the period, according to the annual report.

The company also raised production capacity by 8 percent year on year.

Addressing the AGM, senior advisor AR Rashidi said BPML had been leading the market of paper and paper-related products braving severe competition.

He said two of the products of the company “Bashundhara Tissue” and “Bashundhara Diapant” won the super brand title this year.

“Along with the titles, Bashundhara Tissue has also won Asia's Greatest Brand and Leaders 2020-21 award,” said AR Rashidi.

“Moreover, Bashundhara Group has been awarded the Intellectual Property Protection Award-2020,” he added.

The company spent around Tk 10 million on corporate social responsibility projects this year.

Like the previous years, the company's products - anti-bacterial tissues and face masks - were distributed free of cost through various governmental and non-governmental organisations to combat the pandemic.