Message From The Managing Director
……in the reporting period the company achieved net profit of Tk. 427 million with the contribution of company’s valuable and dedicated human resources for their tireless efforts during the adverse situation….
Ladies and Gentlemen,
It is my great pleasure, on behalf of the Board of Directors, I would like to welcome you to the 21st Annual General Meeting of Matin Spinning Mills PLC and present before you, the Annual Report for the year 2022-2023 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 2022-23 the company’s sales revenue was Tk.7,343 million and net profit was Tk. 427 million and EPS was BDT 4.38 despite deteriorating yarn prices and increased overall cost of goods sold due to increase in fuel & power cost, raw material cost, finance cost, foreign exchange loss and other cost.
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 less than 50% demand of the Group. We believe that the Company will not have any significant issues on production capacity utilization in the foreseeable future.
In continuation of the Russia-Ukraine conflict, along with an extraordinary surge in global cotton prices & unprecedented increases in freight charges along with fuel & power cost, finance cost, foreign exchange loss besides fallen yarn prices and contemporary challenges in textile sector the company unable to achieve net profit like previous year. In spite of having huge challenges in textile sector in the reporting period the company achieved net profit of Tk. 427 million with the contribution of company’s valuable and dedicated human resources for their tireless efforts during the adverse situation.
The Company’s 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