SS Steel Limited has marked a remarkable milestone in its corporate journey, reporting unprecedented financial results for the fiscal year 2023-24. The company's strategic expansion and operational enhancements have resulted in a substantial revenue increase, positioning it as a leading player in Bangladesh's steel manufacturing sector.
The company's financial performance shows impressive growth, with revenue soaring to Tk 2,407.16 crore, marking a 62% increase from the previous year's Tk 1,486.27 crore. Net profit demonstrated significant improvement, reaching Tk 5.60 crore compared to Tk 1.76 crore in FY 2022-23. This remarkable growth can be attributed to the company's successful integration of strategic acquisitions and enhanced operational efficiency across its subsidiaries.
Under the leadership of Chairman Javed Opgenhaffen, SS Steel has executed a series of strategic acquisitions, including Saleh Steel, Al-Falah Steel, and the operations of Peninsula and Super Star Steel Mills. These acquisitions have significantly expanded the company's production capacity, which now stands at approximately 500,000 metric tons of MS rod annually. The company has demonstrated particular skill in transforming struggling assets into profitable ventures while creating new employment opportunities.
The company's financial health is further reflected in its improved key performance indicators. Net asset value per share increased to Tk 21.69 from Tk 21.50, while earnings per share grew significantly to Tk 0.17 from Tk 0.05. In recognition of this strong performance, the board of directors has declared a 2% cash dividend for general shareholders, excluding sponsors and directors.
SS Steel's manufacturing operations, centered in Tongi near Dhaka, produce high-quality products under recognized brand names including SS Tiger B400 DWR/60G TMT bar and SS Tiger B500 CWR TMT bar. The company's commitment to quality and operational excellence has been crucial in maintaining its market position and customer trust.
The company's shareholding structure reflects a balanced mix of stakeholders, with sponsor-directors holding 30.94%, institutional investors 9.04%, and general investors maintaining a majority stake of 60.02%. As of October 31, 2024, the company's paid-up capital exceeded Tk 328 crore, demonstrating its strong financial foundation.
Since its listing on the Dhaka and Chattogram stock exchanges in 2019, SS Steel has maintained a consistent record of providing returns to shareholders. The company's success story serves as a testament to the effectiveness of strategic acquisitions and operational efficiency in driving corporate growth in Bangladesh's industrial sector.
The company's management attributes this year's success to concentrated efforts in streamlining operations and implementing effective cost management strategies, as highlighted by Company Secretary Md Mostafizur Rahman. These initiatives have positioned SS Steel for sustained growth in the competitive steel manufacturing industry.
