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Metro Spinning halt production for renovation

Industry: RMG & Textile, Stock Market, Yarn & Spinning
Company: Dhaka Stock Exchange (DSE), Metro Spinning
Company Intelligence Tag: Business Insights

Metro Spinning Limited is halting production for a year to renovate its factory and enhance capacity. The closure date remains undisclosed in the DSE filling. On September 21, 2023, Metro Spinning’s stock price began falling and dropping over 26%, closing at Tk27.2 per share. Its factory renovation progress began two months ago, with a one-year closure period, despite challenges like the foreign currency crisis.

The company believes expanding its factory, adding 24,000 spindles, will increase its production capacity from 7,200 kg to 25,000 kg. The company expects an annual revenue of Tk300 crore, compared to the current Tk100 crore. They invested nearly Tk200 crore, with 60% from loans and 40% from internal funds.

In the first half of fiscal 2022–23, the company earned Tk44.76 crore with an EPS of Tk0.98, down from Tk96 crore in the previous FY. It declared a 3% cash dividend and a 5% stock dividend for FY22 but could distribute the cash dividend as the BSEC rejected the stock dividend. The company has not disclosed its Q3 financial statement for FY23 within the stipulated time. Ownership data shows sponsor directors hold 30.09%, institutional investors 11.63%, and general investors 58.28% of total shares.

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