SS Steel Limited, a prominent steel manufacturer in Bangladesh, has reported record financial performance for the fiscal year ending 30 June 2024. The company’s growth is attributed to increased sales across subsidiary units and improvements in operational efficiency.
For FY 2023-24, SS Steel recorded a 62% increase in revenue, reaching Tk 2,407.16 crore, compared to Tk 1,486.27 crore in the previous year. Net profit rose to Tk 5.60 crore, up from Tk 1.76 crore in FY 2022-23.
This success stems from strong sales across its subsidiaries and enhanced operational efficiency. Under the leadership of visionary Chairman Javed Opgenhaffen, SS Steel has grown significantly through strategic acquisitions. These efforts have transformed struggling businesses into profitable ventures and created new jobs, driving the company’s success.
SS Steel has expanded its production capacity through recent acquisitions, including Saleh Steel, Al-Falah Steel, and the operations of Peninsula and Super Star Steel Mills. The combined capacity of SS Steel and its subsidiaries is approximately 500,000 tonnes of MS rod per year.
Key financial indicators also showed improvement. Net asset value per share increased slightly to Tk 21.69 from Tk 21.50 in the previous year, and earnings per share (EPS) grew to Tk 0.17 from Tk 0.05. These updates were disclosed on the Dhaka Stock Exchange (DSE) website on 17 November 2024.
The board of directors has declared a 2% cash dividend for general shareholders (excluding sponsors and directors) for the year ending 30 June 2024.
“This year’s financial performance is the result of efforts to streamline operations and manage costs effectively,” said Md. Mostafizur Rahman, Company Secretary of SS Steel Limited.
The company manufactures products under well-known brand names such as SS Tiger B400 DWR/60G TMT bar and SS Tiger B500 CWR TMT bar. Its production facilities are located in Tongi, near Dhaka.
As of 31 October 2024, SS Steel’s paid-up capital stood at over Tk 328 crore. The company’s shareholding structure includes 30.94% held by sponsor-directors, 9.04% by institutional investors, and 60.02% by general investors.
Listed on the Dhaka and Chittagong stock exchanges since 2019, SS Steel continues to provide dividends to its shareholders.
