Marico Bangladesh Limited (MBL), which is amongst the top 3 FMCG Multi-National Companies and is a trusted Company in the beauty and wellness space in Bangladesh, held its 15th Annual General Meeting (AGM) on Thursday, 13th August, 2015 at Radisson Blu Dhaka Water Garden Hotel.
Mr. Saugata Gupta, Chairman of the Board of Directors of Marico Bangladesh Limited, presided over the meeting, which was attended by the Managing Director of Marico Bangladesh – Mr. Aditya Shome, together with the members of the Board of Directors: Mr. B Sridhar, Mr. Vivek Karve and Independent Directors Ms. Rokia Afzal Rahman and Mr. Masud Khan – along with other management officials of the Company.
During the AGM, a final cash dividend of 50 percent (equivalent to Tk. 5 per share) was confirmed and approved. This was preceded by an interim cash dividend of 375 percent (equivalent to Tk. 37.5 per share) declared and paid by the Company for the first three quarters of the financial year – bringing the total cash dividend to 425 percent (equivalent to Tk. 42.5 per share) for the year ended March 31, 2015.
Speaking about the performance of the Company, Mr. Saugata Gupta said, “We have delivered on our promise of growth-oriented transformation yet again in FY2014-15 and ended the year with a satisfactory turnover growth of over 11% from the last year, beating the market expectations”. The Company’s net profit after tax stood at BDT 134 crores. Consequently, the earnings per share (EPS) has remained steady at BDT 43.
A large number of shareholders attended the meeting wherein all proposed agendas were unanimously passed as per Notice. The major activities of the AGM were: adoption of the Director’s Report and Auditor’s Report along with the Audited Financials of 2014-15, re-election of the Directors and appointment of Independent Auditors. This was the 6th AGM for the Company since it became a listed Company in 2009.
In the last financial year, the Company has contributed BDT 232 crores to the National Exchequer in taxes, VAT and duties. During the year, the Company has ventured into significant CSR initiatives having formed partnership with Dhaka Ahsania Mission (DAM) to provide free education opportunities to more than 3,000 out-of-school children from disadvantaged backgrounds by building 75 CLCs (Children Learning Centres). The Company was awarded as one of the winners of the ICMAB Best Corporate Award-2014 achieving “Certificate of Merit”.
Marico Bangladesh Limited touches the lives of 1 out of every 2 Bangladeshis with an array of brands in various categories, including hair nourishment, edible oil and male grooming which include brands like Parachute which is among the “10 Most Trusted Brands” in Bangladesh and has a Value Added Hair Oil (VAHO) portfolio that includes Parachute Advansed Beliphool, Nihar Shanti Badam Amla, Parachute Advansed Extra Care, Parachute Advansed Enriched Hair Oil and Parachute Advansed Cooling Hair Oil. Marico Bangladesh Limited also leads the powdered hair dye market with its HairCode brand. The Company continues to diversify its portfolio with the introduction of brands like: Saffola Active healthy edible oil, Set Wet Deodorants, Parachute Advansed Body Lotion and Parachute Advansed Extra Care. MBL’s focus on sustainable profitable growth is manifest through its consistent financial performance, a CAGR of 11 % in Turnover and 21% in Net Profits since being listed in 2009.
