The 11th Annual General Meeting (AGM) of United Power Generation & Distribution Company Ltd (UPGDCL) was held on 30th October 2018 at Golf Garden, Army Golf Club, Airport Road, Dhaka. Meeting started at 10:30 am through recitation from the Holy Quran.
The meeting was presided over by General Md. Abdul Mubeen SBP, ndc, psc (Retd.), Chairman of UPGDCL. AGM was well attended and the Shareholders present participated in the discussion wholeheartedly. Speakers appreciated the performance of the Company during the year. Shareholders also approved the Dividend for the year 2017-18 as follows: Cash Dividend @ 90% per share of Taka 10 each and Stock Dividend @ 20% i.e. 2 (Two) Bonus shares for every 10 (ten) Ordinary Shares of Taka 10 each.
EPS of the company was Taka 11.51 while NAV per share reached Taka 40.80.
Recently, majority shares of the Company were transferred in favor of United Mymensingh Power Ltd (UMPL) as part of the overall consolidation strategy for power business in the future. Shareholders were assured that this would only add further thrust to the company in view of emerging opportunities. Chairman UPGDCL emphasized on the commitment of the company in furthering its business potentialities. Shareholder were advised not to succumb to any sort of speculations or rumors.
The meeting also elected Directors who were included in the Board earlier as nominees of United Mymensingh Power Ltd. Besides, appointment of Lt. Gen. Sina Ibn Jamali, awc, psc (Retd.), Independent Director was also confirmed by the Shareholders present.
Total revenue for the year stood at Taka 6,144.61 million out of which Taka 6,119.90 million was revenue generated from electricity sales and Taka 24.71 million was generated from steam sales. The company has maintained its trend of a healthy Gross Profit Margin of 68.66%. Net Profit for the year was Taka 4,596.36 million, which is 10% growth over last year.
Shareholder were apprised that UPGDCL is a debt-free company and its Net Operating Cash Flow stood at Taka 4,313.98 million at the end of the year under review.
Total Equity of the Company reached Taka 16,290.78 million further bolstered by Retained Earnings growth of 10% compared to the last reporting period.
Shareholders value addition has been reflected in the Market Capitalization which was Taka 99,650.10 million or approximately USD 1,190 million. UPGD attained the coveted distinction of being the FIRST billion Dollar market cap Company amongst the listed power Companies.