The fragment impress of Miracle Industries Ltd soared by 65% in 9 trading lessons after it secured the job to fabricate 20% of the Bangladesh Chemical Industries Company’s (BCIC) entire requirement for woven polypropylene and polyethylene baggage.
Within the first week of this month, the industries ministry issued a directive, a duplicate of which used to be viewed by The Commercial Favorite, making the procurement crucial for BCIC, which operates under the ministry.
However, the firm has not yet made any unswerving disclosure. Its shares closed at Tk27.10 every the day prior to this.
Md Omar Faruk, firm secretary of Miracle Industries, informed TBS that they’d not obtained any unswerving letter concerning the topic.
He talked about that the firm had submitted its application several years ago. At one point, BCIC sourced most of its baggage from Miracle Industries. However, the authorities later shifted its methodology and started procuring baggage by means of originate tenders.
“With the new decision, the firm will now bag a arrangement to fabricate baggage to BCIC again,” he added.
Fixed with the ministry’s direct, BCIC will aquire these products utilizing the relate procurement plot, fascinated concerning the firm’s manufacturing capacity and actual inquire.
Fixed with BCIC officials, a main share of the inquire for such baggage is reveal by the manufacturing and import of fertilizer. The specific quantity of bags to be bought is determined by the authorities’s decision. The officials also infamous that they’d not obtained any unswerving letter yet.
In FY25, BCIC estimated the total inquire for urea fertiliser to be roughly 27 lakh tonnes. To meet this inquire, it reveal a manufacturing diagram of spherical 10 lakh tonnes and an import diagram of 17 lakh tonnes.
Miracle Industries, founded in 1995 as a joint mission with reveal-owned BCIC and 4 entrepreneurs, manufactures numerous kinds of bags for cement, fertiliser, salt, feed, sugar, food grains, and chemical substances.
The firm has two manufacturing units positioned in Sreepur and Gazipur, one for the local market and the choice for exporting products.
Fixed with the firm’s fresh shareholders’ agreement, Miracle has two groups of shareholders: Group A, which incorporates BCIC and holds a 20% stake, and Group B, which incorporates the four entrepreneurs and holds a 10% stake.
In August ideal twelve months, Mehmood Equities Ltd took responsibility for reviving Miracle Industries Ltd, a publicly listed firm that had been idle for the old two years.
On 30 September, Miracle Industries announced that Mehmood Equities, because the new proprietor, had appointed three directors to its board and outlined plans to make investments the crucial funds to restart operations.
The four entrepreneurs – Asadur Rahman Mirza, Md Wahiduzzaman Chowdhury, Rafiqul Murshed, and Pavarton Securities (owned by one of many entrepreneurs) – sold their entire stake to Mehmood Equities under a negotiated deal in July 2023. After promoting their holdings, they resigned from the board.
Mehmood Equities then nominated its chairman, AKM Sahabub Alam, as managing director of Miracle, with Showkat Mehmood and Nayan Mehmood as directors of the firm.
Miracle Industries used to be profitable except FY19, with income of Tk60 crore and a bag profit of Tk0.77 crore. Fixed with its financials, the firm earned its most realistic-ever income and profit in FY17.
However, in FY20, it incurred a epic lack of Tk12 crore, with an 85% tumble in income to Tk9 crore attributable to a war between Group A and Group B shareholders. It also stopped exporting products after FY19, when it earned Tk23 crore from exports.
For the July to September duration of FY25, the firm incurred a lack of Tk2.85 crore, when put next to a lack of Tk2.68 crore in the identical duration of the old fiscal twelve months. Its loss per fragment in this quarter stood at Tk0.81, when put next to a lack of Tk0.76 a twelve months ago. Its bag asset cost per fragment stood at Tk12.82 as of September 2024.
In FY24, the firm did not point out any dividend for its shareholders. As of November 30, 2024, the sponsors and directors jointly withhold 30.26% of the firm’s shares, whereas establishments withhold 4.89%, foreign investors withhold 0.20%, and typical investors withhold 64.65%.
