Message From The Managing Director
Moreover, I would further like to inform the shareholders that, the full commercial operation of the “Special Yarn Unit” of the company has commenced from 1st August 2022, adding production capacity by 10 tons per day.
Ladies and Gentlemen,
It is my great pleasure, on behalf of the Board of Directors, I would like to welcome you to the 20th Annual General Meeting of Matin Spinning Mills PLC and present before you, the Annual Report for the year 2021-22 containing the Directors’ Report
and Audited Financial Statements for your kind perusal.
OUR BUSINESS PERFORMANCE
We would like to inform you that during the year 2021-22 the company’s sales revenue was Tk.6,002 million which is 19.55% higher than 2020-2021 (Tk.5,021 million) and net profit after tax was Tk. 1,051 million which is 71% higher than 2020-2021 (Tk. 615 million)
As you are aware that our Company operates as a backward linkage industry to the RMG exporting companies largely within the DBL Group and usually fulfills around 50% demand of the Group. We believe that the Company will not have any significant issues on production capacity utilization in the foreseeable future. Moreover, I would further like to inform the shareholders that, the full commercial operation of the “Special Yarn Unit” of the company has commenced from 1st August 2022, adding production capacity by 10 tons per day.
The Russian – Ukraine war just in the time of the recovery of the global economy and supply chain from the severe fallouts of Covid-19, has started affecting the country’s textile sector. The cotton prices surged to high in the global market in the wake of the RussiaUkraine war, abnormal hike in freight charges and drought in the US, which will drive up the production cost for readymade garment (RMG) makers in Bangladesh, thus affecting their profitability. However, our profitability was not affected significantly during the year 2021-2022 by the Russian – Ukraine war. In this respect, the Board of Directors would like to appreciate the company’s valuable and dedicated human resources for their tireless efforts and contribution during the adverse situation.
The Company’s total installed production capacity was 51 tons per day with 73,184 spindles. From August 2022 our total installed production capacity has been increased by 10 tons per day after inauguration of Special Yarn Unit. Now the total installed production capacity is 61 tons per day with 88,304 spindles.
While concluding, I offer my gratitude to all the Employees, Shareholders, Stakeholders, Government Agencies, Banks & Financial Institutions, Customers, Consumers, Suppliers and other Service Agencies for their cooperation and support.
Thanking you all.
M. A. Jabbar