SS Steel Ltd doubled its year-on-year profits in Q1 of FY’24 to Tk 6.30 million, driven by increased earnings from subsidiaries like Saleh Steel Industries and Al-Falah Steel.
The company reported a more than 46% YoY increase in sales to Tk 4.15 billion. Key factors contributing to the profit surge include higher sales prices, stability in global raw material prices, and a 15% rise in MS rod prices. Despite concerns raised by the Bangladesh Securities and Exchange Commission (BSEC) about escalating liabilities, SS Steel aims for business expansion, recently acquiring fixed assets from non-listed steel makers.
In FY’23, sales nearly doubled to Tk 14.86 billion, but net profit declined 98% YoY to Tk 17.68 million, prompting a 2% cash dividend. SS Steel’s stock, listed in 2019, has remained stagnant at the floor price of Tk 16.60 for over a year.
Source for more details:
