The Company posted highest-ever profit and production of all the key products in financial year 2017-18
At the 42nd Annual General Meeting (AGM) of the Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), which was held in Bharuch, a dividend 75 per cent was announced this year. The AGM was chaired M S Dagur, Managing Director (MD), GNFC. The 42-year-old company announced 75 per cent dividend, making it the highest-ever declared dividend till date by the company. The shareholders who were present in huge numbers welcomed the announcement wholeheartedly. Addressing the AGM, M S Dagur, MD GNFC gave overall view of global and Indian economic trends.
Quoting the World Bank, Dagur pointed out that the Gross Domestic Products (GDP) of India is likely be 7.3 per cent this year and 7.5 per cent in next financial year. In the financial year 2017-18, GNFC made more than 186 records on production and marketing fronts. Most plants of the company operated at more than 100 per cent production capacity, which has resulted in the highest ever production of Formic Acid, Acetic Acid(Glacial), Aniline and Tolune Di – isocyante (TDI).
Presenting the financials of FY2017 18, Dagur, said, “During FY 2017-18, company has performed exceptionally well and has reported net Profit after Tax (PAT) of Rs 790 crore.” He added, “GNFC has paid all long-term debt and has become cash positive company now.” GNFC’s IT division (n) Code solution also achieved sales turnover of Rs 174 crore and reported profit of Rs 39.53 crore. Describing the inclusive growth of the company, Dagur said, “Neem Project which was launched in 2015 with the aim of empowering rural and landless people, especially women, has benefited thousands of rural poor women.
Various neem-based products such as neem soap, neem shampoo, neem hand wash etc. are providing direct and indirect employment to rural masses. To meet the increasing demands of the various neem products, we are establishing the neem soap making unit with a production capacity of 10 MT per day, along with large scale of Neem oil extraction facilities.” Dagur shared the various initiatives GNFC has taken in the field of environment protection, energy savings along with various projects under Corporate Social Responsibility (CSR) by the company. He also expressed his gratitude towards the shareholders, distributors, customers, business associates, employees, partners and various government departments for their contribution in the success of the Company.
