Bangladesh Steel Re-Rolling Mills Limited (BSRMLTD) Earnings Call Transcript & Summary

Dear shareholders, investors, merchant bankers, media partners, [indiscernible], good afternoon. I welcome all to our earnings disclosure conference for first quarter of 2021-22. We'd like to express our gratitude to our beloved shareholders, customers, bankers, regulatory authorities, media partners, auditors for keeping trust and confidence in us. First of all, I would like to introduce other members who should present in the conference as per notification of basis. Our Owner and Managing Director, Mr. Aameir Alihussain; Mr. Zohair Taherali, Senior Director; Mr. Reazul Kabir FCA, Chief Financial Officer of Bangladesh Steel Re-Rolling Mills Limited; Mr. Moklesur Rahman Akhtar FCMA, CFO, BSRM Steels Limited; Mr. Murtaza Zoher, FCA, Head of Internal Audit and Compliance; and myself, Shekhar Ranjan Kar, FCA, Company Secretary. Thank you very much for being with us. We have published our first quarter financials on 11th November, and based on these published results, we have arranged this conference call. Now I'm going to highlight some information of our first quarter financials along with last year's performance. First of all, I am presenting on BSRM Steels Limited. This is our quarter-wise sales quantity metric. Please see in July-September 2021, our sales was 183,652 tons. If you compare with the last year, with the same quarter, it was 162,704 tons. If you see the total picture, highest sale was in October-December, that is quantity wise 253,183 tons. And then January-March 2021, it was 250,952 tons. This is our quarterly sales position of BSRM Steels Limited. If we go for the same slide, we can see quarterly revenue in million. In July-September 2021, our revenue was BDT 13,183 million. If we compare with the last year, it was only BDT 9,350 million. If we see the total picture, highest revenue was January-March 2019, it was BDT 17,280 million. If we go to the next slide, net profit after tax, BDT in million, in first quarter of '21-'22, it was BDT 1,086 million. If we compare with the last quarter of the same period of last year, it was only BDT 358 million. And if we see the position of January '21 to March '21, it was the highest in the history, it was BDT [ 161 ] million. Next slide, we want to show our first quarter comparative with the last year of the same quarter and last year comparison. If you see the first line, that is revenue, our 2021 July-September figure was BDT 13,183 million. If we compare it to last year for the same period, it was BDT 9,349 million. If you compare with the last year, that is 2021, it was BDT 54,982 million, and in '19-'20, it was only BDT 38,681. If we come to the last step of this slide, profit after tax for the period, in this quarter, it was BDT 1,085 million, and last year, for the same period, it was BDT 358 million. If we go for the last year, it was BDT 3,047 million, and if you go see the '19-'20 position, it was only BDT 742 million. If you see the earning per share, this quarter earning per share is BDT 2.89, and last year, earning per share was BDT 0.95. And if we go to -- go for the 2021, the earning per share was BDT 8.10 per share, and if you go to the '19-'20, it was BDT 1.97 ton (sic) [ per share ]. If you see the production and sales position, yearly production, in 2021, our total sales was BDT 864,497, and production was BDT 816,494. If you go for '19-'20, total production was BDT 643,917, and sales was BDT 635,911. Here, we present total sales and production information from 2015 to 2020 to '21. If you go for the yearly revenue, you can see in 2016-17 past year, it was BDT 37,996 million, and in this year, that is 20-21, it was BDT 54,982. That is we have seen the continuous growth. And if you see the position of '18-'19, it was the highest sale, and revenue was BDT 61,060. If you see the yearly profit after tax in million, in 2021, it was BDT 3,047.09 million, and last year, that is '19-'20, it was BDT 742.28. If we compare the 5 years, that is 2016-17 to '20-'21, we see that first [indiscernible] more or less same, and highest profit we earned in 2021. Earning per share, there is continuous growth. In this '20-'21, it was BDT 8.10; and '19-'20, it was BDT 1.97; 2018-19, it was BDT 4.60; '17-'18, it was BDT 4.79; '16-'17, it was BDT 4.98. That is '16-'17, '17-'18 and '18-'19, it was more or less same. And highest was in '20-'21, that is BDT 8.10 per share. If we see the net asset value per share, we see the continuous growth. It's obvious because if each year profit is added [indiscernible], so NAV will be more in each year. If we see the last year, that is '20-'21 NAV, and it was BDT 62.38 per share. But unfortunately, the share price is also like that. It should be more. If we see the dividend position, we are continuously maintaining the dividend, and we pay based on our profit, and we maintain the equality. If we see, last year we have declared 10% interim dividend, and final dividend was 30%, that is total dividend we have declared 40%. If you see the position of '16-'17, it was 35% cash plus bonus. In '17-'18, it was 20%. '18-'19, it was 25%. Last year, that is '19-'20, it was 15%, and it was based on the [indiscernible] profit. [Foreign Language] This is BSRM Steels Limited. Now, the position of Bangladesh Steel Re-Rolling Mills Limited. It was started in 1952, and we went for listing in 2015. Its capacity was only 1 lakh ton, now it's capacity is 8 lakh ton. If you see the quantity in metric ton per quarter, in this quarter, total sale was 163,980 million (sic) [ metric ton]. If we compare this with the same period of last year, it was 160,716. And if you see this graph, in highest sale was in January-March 2020, that was 272,320 metric ton. Again, if we see the January-March 2021 position, total sale was 284,361. Revenue -- quarterly revenue in million is to July to September, it was BDT 15,385 million and July to September 2020, it was BDT [indiscernible] million. And if you compare the total scenario, we have seen that in January and March, highest revenue was BDT 19,160 million. Net profit after tax, this quarter we have earned BDT 1,281 million. If we go from April to June '21, it was BDT 2,178 million. And each year, net profit after tax is growing -- continuously growing. This is the position of total profit and loss and other comprehensive income. If you see the first line, revenue, July-September position was BDT 15,385 million. If we compare with the last year, July-September, it was BDT 9,432 million. And if we go to see the '21 position that is July '20 to June '21, it was BDT 59,075 million. And in '19-'20, it was BDT 45,722 million. Profit after tax was BDT 1,281 million in this quarter. And last year -- the same quarter of last year, it was BDT 336 million. In 2021, the profit figure was BDT 4,970 million. This is highest in the life of BSRM, and EPS was BDT 18.96. And if you see the position of '19-'20, it was only BDT 921 million, and EPS was BDT 3.90. If you see the EPS of current quarter, it is BDT 4.29 per share, and same quarter of the last year, it was BDT 1.42. Production and sales per year, if you see the production and sales position, our sales of 2021 was 828,248. This is the highest. And production was -- sale was 874,618 and production was 828,214. In '19-'20, production was 681,038 and sales was 740,978. We have presented here data from 2015 to 2021, and we have seen this continuous growth of production and sales. If you see the year-end revenue, same, continuous from '16-'17 to '20-'21. Continuous there's a growth in revenue. In '20-'21, our revenue was BDT 59,875 million, and last year, it was BDT 45,722 million. If you see the next slide, profit after tax, '20-'21, BDT 4,970 million, and last year, '19-'20, it was BDT 921.84 million. In '18-'19, it was BDT 1,860 million; and 2017-18, it was BDT 2,778 million; and 2016-17, it was BDT 756.30 million. EPS. Last year, EPS was BDT 18.96. And in '19-'20, it was BDT 3.90. '18-'19, it was BDT 7.88. In '17-'18, it was also one of the highest EPS, BDT 11.77, and '16-'17, it was [indiscernible]. NAV per share, continuous growth, '16-'17 BDT 55.75%. Now, it is BDT 127.56. But unfortunately, share price of BSRM is only BDT 120. It should be more. I think our merchant bankers, investors can see this. Position of dividend, I have highlighted here from '16-'17 to '20-'21. In '16-'17, we declared 20% of total dividend. '17-'18, it was also 20%. '18-'19, it was 25%. And '19-'20, we declared 15% based on the profit. And current year, we have declared highest dividend that is 50%. We declared 10% at the time -- at the time of first quarter ended, and now we have declared 40%. That is total dividend for this year is 50%, and it is covered as per incomprehensible. If you will see this slide, we have compared our position of BSRM and BSRM Steels. You can see that in each area, there is a growth. If you see the production of BSRM Limited, last year it was BDT 182,000 million, current year it is BDT 191,000 million. If you see the sales position, last year it was BDT 160,659 million, current year BDT 163,980, that is 2.07% increment. If you see revenue, 63.10% growth. If you see the gross profit, 108% growth. If you see net profit after tax, this is 280%. EPS is 200% growth, and NAV is 30% growth. If you go for the sales, you can see 1.02% growth of sales -- production, 12.18% growth in sales, 41% in revenue, 69% in GP, and 203% in net profit after tax, 203% in EPS and 15.93% in NAV. That is each -- in each parameter we have seen the growth. Thank you very much. Now this is the time for our managing directors. Thank you. [Presentation]

[Foreign Language], and welcome to this earnings disclosure. It is really our pleasure being here. [Foreign Language] to especially to all our investors, all our stakeholders, all our friends, all our colleagues, thank you very much. It has been, really, a wonderful year. [Foreign Language]. So as you have seen, which our group CFO, Mr. Shekhar, has shared with you all our figures, and you must have also seen our published accounts, especially our first quarter results as well. We have performed very well. And this is the story, I would say, worldwide. [Foreign Language] import dependent and domestic markets [Foreign Language] all industries across the world, including the steel industry. Generally, most companies have done well. So this is the effect of [Foreign Language] pandemic year. Pandemic year that's a negative tone. But however, [Foreign Language] pandemic in 2020. [Foreign Language] last few months of pandemic, maybe like March, April, May, June of 2020 was very slow. The government here had declared a holiday, everything was slow, the demand was slow. So [Foreign Language] things started to pick up. So this is a credit to the government, the way the pandemic has been managed so far. [Foreign Language] industries were allowed to run. And we are really proud of our team, our management, our culture where we could able to sustain this tough time. Especially last year, March, April, May, June, we could -- we were able to produce. Our teams were working very, very hard day and night to make sure that we are able to operate. We were not able to deliver because [Foreign Language] especially to the large infrastructure projects. So BSRM is prominent, especially very much in all the infrastructure projects that go on in the country. [Foreign Language] I mean, [Foreign Language] company overall position [Foreign Language] will emerge, what is our position and what are we doing, what have we achieved, and what is our future. So [Foreign Language]. It is basically we have, if you can see this slide, our overall company assets over time have grown to $1.8 billion, which is around [Foreign Language] sales revenue last year, July to June, $1.3 billion, which is BDT 11,500 crores. [Foreign Language] net profit was $99.3 million, which is around BDT 844 crores. We have 9 plants in operation. The melting capacity [Foreign Language] rolling capacity is 1.6 million tons. [Foreign Language] at the wires production capacity, I say that we are the only ones [Foreign Language] epoxy-coated [Foreign Language], which is a very special product for a country like ours. [Foreign Language]. We are -- in the engineering sector, we are one of the largest contributors to the national exchequer, if not the largest. We contributed last year $300 million to the government exchequer. In terms of electricity, in terms of gas, value-added tax, income taxes, [Foreign Language] we are a very significant contributor to the government, et cetera. So over time, [Foreign Language] we have a long history since 1952 of manufacturing steel. Over time, we have grown from my grandfather -- my 2 grandfathers, they were brothers. Then my father is there, my uncle is there right now, who is also present here. And then I am the third generation who is in this business now. And [Foreign Language] this growth what we are today, it is -- it has been a great journey for us. And [Foreign Language], this journey will continue also in future. Just to show you some pictures of our plants. This is our -- this is where we had originally started in 1952. Of course, over time, it has evolved, and now currently, this is a very, very latest technology rolling mill in Nasirabad, Chittagong. [Foreign Language] are Chittagong based. This is our old melt shop where we make billets. This is our second rolling mill, which is the BSRM Steels in [indiscernible] in Chittagong. [Foreign Language] This is owned by BSRM Steels. [Foreign Language] 1 million tonnes. This is the world's largest plant based on the route of steelmaking of electric induction furnace and then electric ladle refining furnace. [Foreign Language] And this plant is an example to many in the world [Foreign Language] how we have set up, how we have set up the layout. This is really something special in the whole world, being the largest in the world. And we also have a wires project [Foreign Language] 4.5 millimeters, 6 millimeter wires for various applications. Then we have this -- only one, this type of an equipment in the country so -- bandsaw machine to cut sections in one go. And this is also something unique we have done. We are the only company in Bangladesh that has started to make this welded mesh. [Foreign Language], especially and developed countries [Foreign Language] instead of placing bars on the construction, there is a ready-made steel mesh that comes. It helps you to do faster construction. [Foreign Language] On the site, people don't have to fabricate, cut and bend the rods and then place it. [Foreign Language] And just like ready-mix concrete, similarly, you can just place it and tie it and then just start to pour concrete on it. So everything becomes much faster and much easier, [Foreign Language] continues. Our philosophy is innovation. Throughout our journey, we have been an innovative company. We have always been bringing new concepts in the steel industry in Bangladesh, and that is what our strength is. And it is only because of our experience. And because of that experience, we have gained a lot of knowledge to do this. And this is what makes us strong. We understand steel, we produce good quality steel. We produce consistently good quality steel, which is a very big challenge in our industry. And that is why [Foreign Language] maximum infrastructure projects of the country use our materials. So these are some examples of the infrastructure projects in the country where we are supplying some of them, where -- and most -- all the infrastructure projects, we are a major, major supplier. So this is Rooppur Plant, nuclear power plant where we are supplying; then this India-Bangladesh Friendship Power Plant; Padma Bridge, we are a major supplier there. Meghna Bridge. And I am assuming most of you are in Dhaka, so Hatirjheel, all these bridges, everything has been made by our steel. And flyover, the MRT right now, which is being constructed [Foreign Language], we are the major supplier here. Expressways, the first tunnel of South Asia, which is being constructed here in Chittagong under the Karnaphuli River next to the Chittagong Airport [Foreign Language] major supplier. [Foreign Language] existing projects are going to run for the next 2 years and also new projects are in the pipeline. [Foreign Language] if you see our neighborhood or if you see, generally, most parts of the world, Bangladesh still needs much, much more infrastructure. So infrastructure is what will drive the country forward. We have the strength of having a very large population and a good agricultural base. And with a young population with overall good macroeconomic conditions, generally, I feel Bangladesh is continuing to grow. [Foreign Language] negative GDP growth [Foreign Language] Europe and many other developed economies [Foreign Language] GDP went negative in the pandemic -- during the pandemic. Bangladesh was amongst one of the few countries in the world, [Foreign Language] positive growth rate. And [Foreign Language] with so much spending that is going to happen from the government side for these infrastructure projects, then also [Foreign Language] economy will keep on doing well [Foreign Language], and the GDP growth will drive the local economy. And also because of that, companies like us, we see a positive outlook. Especially for the next 15, 20 years, we are seeing a great positive outlook. And that is why we have also planned a new project to expand our capacity. So we are planning to do a 600,000 tons of new rolling mill. We are expanding our existing billet making capacity, and total investment [Foreign Language] will be about BDT 1,850 crores, at the end of 2023 will come into completion. We are running nearly at full capacity right now, and we need this extra capacity to come in because as GDP grows in the country the markets will also grow. And given our position, our reputation, our quality, we are confident that we will be able to increase our volumes in future as the market keeps growing. So as the country grows, we want to grow with the country, and we want to be part of this whole development journey that Bangladesh has gone through and will go through in future. So this is just a picture of the new project where we are doing on 100% precast piles. There is no traditional piling here. There will be over 4,000 of these piles here in this project. This is something very unique we are doing, and this is -- we are really looking forward to the completion of this project. The work has already started, as you can see from this picture. And we are -- hopefully, we will do this project on time, and this project will bring benefits to BSRM Steels, the company listed on the stock exchange. Over time, we get many awards and recognitions as well for our performance, and this kind of recognition motivates us also. And it makes us realize that working ethically, working in the right -- with the right values, working with the right vision automatically brings this type of achievement and which we are really proud of. We have been getting the best brand award for 9 consecutive years in the Steel category. Recently, very recently, we've got a CSR award also for Environment and Conservation. And we have also -- from the Institute of Management Accountants, we have got a corporate award also. Also on the agriculture side, we are doing some social work also with some farmers in the hill tract, so we've got the Best Innovation in the Community Engagement Award from Brand Forum. And we also get the highest taxpayer awards on a regular basis. [Foreign Language], and we are a proud tax-paying company. And when we are paying tax and we are being compliant, it helps us in the overall culture in the company also that -- we have these type of values where we not only contribute to the nation, but we are also contributing towards building our whole extended family, people who are part of BSRM. Our Chairman, Mr. Alihussain Akberali, has also been recognized as a second highest tax payer on an individual basis. And overall, what we see going forward is that we have a very, very positive outlook. As a company, we are proud of our team that we have. We have created a very good team overall to manage the business, to share the vision, to reach the objective that we set together. And as I said earlier, as the country grows, BSRM will grow. And as long as the economy is doing well, as long as there are new better policies, new better systems, and we are seeing the digitalization of the economy, which is already bringing a lot of benefits. And going forward, this will continue. Things will ease. Ease of doing business will improve. And we are very happy to have the support of all our extended stakeholders, especially our bankers, all different departments of the government. And especially all you investors who have kept the trust and the faith in our company. We feel that overall we have -- we can do better, and we will do better [Foreign Language]. That is always our intention. And with this intention and with this positiveness, we keep moving forward. So thank you very much for all of you being here. If you have any questions, we are all here, we can attend to any of your questions. Thank you.

So there's a question whether there is a new product without rod or billet, which BSRM now producing. So we have started producing -- we have another company called BSRM Wires, and we have just started this new company and where we are still under commissioning stage. So we are producing a lot of fencing products like chain link fence and barbed wires, razor wires. Then we also have PC wire, which is used in buildings [Foreign Language] import substitutions products. A lot of our products are import substitution, so we are also going to produce -- we also produce ACSR core wire, which is the core of any cable we are using. Then we -- and then another section of this unit is welding electrodes, which we have started. So one is the stick electrode. And the other, what we call is MAG weld, which is the CO2 wire. So we have diversified into related products.

There are no more questions. We are waiting if there is any question or any observation on our financials or on our group information.

So there's a question here why is the prices increasing. It's a very pertinent question for [indiscernible] the prices have increased quite a lot. There is no doubt about it. The challenge for steel companies currently is the [indiscernible] raw material prices have gone up. So not only steel [Foreign Language] commodities, whether it's any metals like copper and aluminum and nickel and whether it's all metals or if any other, even including food commodities. So everything, the prices have gone up. This is the effect of the pandemic [Foreign Language]. World supply chain started to adjust to pandemic demand. [Foreign Language] When the world started to open up, [Foreign Language] supply chain is taking the time to again catch up to the demand. So this is one reason why there is an increase in the price of basic materials. Second, the world is going through a major shipping crisis currently. All freights have increased 3, 4, 5x, which is huge. So not only the freight has increased, but [Foreign Language] containers, the containers are coming after 3 months, 4 months, 5 months, which earlier used to after 1 month. So our inventory holding has also become big because we have to plan longer. So one -- so with the freight increase, with the price increase, now recent -- the local diesel cost increase has increased all the logistics cost. So all these costs have added up. So I won't [Foreign Language] we have not increased price as much. But based on current price -- today's price, the price would go up even more. So this is the main challenge of current times. Shipping crisis is just unthinkable, what is happening in the world. There is [Foreign Language]. So mainly, all the shipping companies prefer to do business between the U.S. and China. [Foreign Language] so all the shipping is going on between them, and they prefer to take containers to countries where they get return cargo. So they are not interested in picking up empty containers, which is part of the shipping business. So [Foreign Language]. So unfortunately, this is the reason our cost is going up high, and we are not able to sustain these costs, and we have to increase the price, and we have to pass it to the customers. [Foreign Language] why BSRM is number one. [Foreign Language] We focus on steel business because there's another related question that is coming that why we don't diversify and make other products also. So [Foreign Language] steel industry is a very, very capital-intensive industry. Whatever we earn, mostly, we have historically plowed back in the organization to increase our capacity. And the reason we are #1 is because our Director [Foreign Language], which was our original theme, which we believed in and we published it, which was -- quality is our way of life. [Foreign Language] Quality is our way of life. But of course, over time with [Foreign Language], but internally, quality is still our way of life. We believe in quality, and we spend a lot of money on our technology to make sure that we produce the best quality steel in the country as per [Foreign Language] Bangladesh standard and to also comply with all international standards. So to do this, we invest a lot of money. And because there has been growth in the industry, so all the money we generate, we keep on expanding within our industry. So we might diversify in future if we see that the growth is restricted and then we could consider going into other industries. So steel is a very, very technical industry, and we like to focus on this because we know it best, and we think that going forward we will -- like we have diversified in the related sector, as I said earlier, in the wires. So it's -- completely all the products are very different. But of course, at the end of the day, it's metal. So there is another question. Do you have any plan to invest in real estate or cement industry? No. We -- in the real estate side, we don't have any plans as of now, and either cement industry, we don't have any plans as of now. But when we have, we will declare that also. There's another question, why share price is low compared to other companies? That I can say it's all up to you. You are the investors, the merchant bankers, the brokerage houses, it is your judgment, your call. We feel that our prices are undervalued compared to the size of the company and the way we have been performing. But of course, at the end, the judgment is yours. It is you who advise your clients. It is you who make the judgment calls. And the share price is market-based. We are not involved at all with the share price and the market, neither we buy or sell locally so much. And so -- and that is not our role as well. So I would advise you to talk to each other to determine why is our share price low. There's another question asking the difference between BSRM product compared to steel -- other steel manufacturing companies products. See, what we can say about our product is that we feel confident and proud of what we produce. So we believe that we produce the best quality product and very important to produce a very consistent quality of product. So [Foreign Language] product, especially with all the large infrastructure projects [Foreign Language] our products are sent abroad for testing as well. And only after compliance -- there are projects which only approve our materials for construction. So we focus on quality, and we believe from a quality perspective, our product is actually very, very good. It's also better than the results that we get. Standards, of course, we comply, but we are much better than the standard also. So additionally, we provide a lot of other services like we have started this FastBuild, where we gave all these fabricated products. We have this welded mesh. So these kind of other services that we can provide we are the only company who does it in Bangladesh. And because of our service, because of the quality of the people that we have, we get preference most of the time. So this is the difference between us and maybe other peers in the industry. So there's one more question, which was what was the success strategy that BSRM has taken to kick its revenue highest during pandemic. [Foreign Language] The strength of our company actually showed, what we can achieve, what we are built with, what we are capable of. And the -- really, our management team together, all of us, we had a great detailed planning from before that because we were seeing what was happening in the rest of the world. It all started from Italy, then it spread to the rest of the Europe, the U.K., then it went to the U.S. and eventually [Foreign Language] Bangladesh started to get affected. So we were seeing all these lockdowns happening. We were seeing how business is being affected globally because of this. So we started to as a risk measure, so we have a very strong risk management within our company. So we identified this as a risk for the future and we planned in advance how we will operate. We did drills within our company. Before -- even before the pandemic started to hit Bangladesh, we practiced this, that how we will operate remotely. If people have to work from home, how we will do it. Fortunately, we had invested in the systems that would allow us to operate. So for most of the year, we were working from home and very few people needed to come to office, hardly any. And we could do the sales, we could do the -- all the sales collection, of course, the delivery part, the fact the people had to be there in the factory because those are physical work. Then from before we had all these Zoom licenses already we had taken and we practiced it. We started to do all our meetings, everything on Zoom much, much earlier on. So we were ready for this type of a situation, which was fortunate for us. And that is why we were able to maintain our momentum. We could produce, we could sell, and we could deliver. So our logistics team also was very, very hard working and put in a lot of efforts to ensure that whatever our customers require, we are able to deliver in time. So that is why we could maintain the momentum, which we are really proud and satisfied with. So there is another question how BSRM helped people at -- COVID. We have done -- for last 1.5 years we've done lots and lots of work with COVID. We have supported hospitals with a lot of PPE, we have masks, we have even -- we are based in Chittagong, so we have helped in creating the units, where we have funded to create different units in 2 government hospitals here. We have provided various -- a huge number of supports. We have continuously done it. Then we have also supported with all the food supply and distribution, so we've done that also. We don't highlight and market or advertise so much our CSR activity, which we don't believe to do so much. A little bit is okay. But we have done a lot of activity base to help people whether they are COVID-related or affected by COVID in terms of employment and all that. We have done -- and this -- and also within our company, we're really proud of the fact that not only -- we have not even -- we have not laid off any people in our company. And also, we have not even cut any salary in our company. So we thought that we want to sustain this because it's pandemic. It's not the fault of our people, that is pandemic. Of course, our business was initially affected, which was in the last part of our financial year of '19-'20. But then after that, as we saw that it started to pick up, we tried to be -- let's fight this out together and let's hope for the best. And I'm really happy to say that the government of Bangladesh really, really supported, not only how the pandemic has been managed in terms of keeping the economy open with checks and balances, but also to have these -- all these stimulus packages that were declared. It really helped the companies to be -- to sustain themselves. So all these lower-interest loans that were given, that has actually helped us a lot in reducing our financial cost, which was the need of the hour. It was a very, very timely decision, which is really credit to our honorable Prime Minister and the Government of Bangladesh.

[Foreign Language] but before concluding [Foreign Language] dividend. It is not correct. [Foreign Language] as per income tax, we have to pay 30% -- minimum 30% dividend on net profit after tax. And we have given clear note because in profit there is a profit of associated companies [Foreign Language]. This is not realizable profit, and this is not distributed. [Foreign Language].

Thank you very much.

Thank you very much.

Thank you.

[Foreign Language]