Walton Hi-Tech holds 18th AGM meeting

The 18th Annual General Meeting (AGM) of Walton Hi-Tech Industries PLC (WHILPLC), the country's leading electrical and electronics manufacturing company listed in the capital market, was held at Kurmitola Golf Club in Dhaka.

WHILPLC Chairman S M Shamsul Alam presided over the meeting while Vice-Chairman S M Ashraful Alam, Managing Director S M Mahbubul Alam, Directors S M Nurul Alam Rizvi, S M Rezaul Alam, S M Monjurul Alam Ovee and Tahmina Afrose Tanna, Independent Directors Samsul Alam Mallick, FCA, and Professor Dr. M. Sadiqul Islam, PhD, FCA were on the stage. 

Walton Hi-Tech's Additional Managing Directors, Nazrul Islam Sarker, Eva Rezwana, and Md. Ziaul Alam, FCA, ACA (ICAEW), and Deputy Managing Director Brig. General (Retd.) Sajjad Hossain, Ndc, Psc, and Md. Abu Nafiz, FCA, were also present. A large number of shareholders, guests, well-wishers, and some other high company officials were also present. Moreover, a good number of shareholders also attended the meeting through a virtual platform. Company Secretary Md conducted the meeting. Rafiqul Islam, FCS.  

In his welcome speech, S M Shamsul Alam said that Walton has achieved remarkable success in its business in the financial year 2023-24 amidst the adverse global economic conditions. 

He added that substantial profit growth was recorded during the mentioned financial year accounting year, and thus, it has been possible to declare attractive cash dividends for the general shareholders.
He thanked the company's shareholders, stakeholders, well-wishers and guests for their presence and cooperation in making the meeting successful. 

Walton Hi-Tech Industries Managing Director S M Mahbubul Alam presented the annual report for the financial year 2023-24 before the meeting and highlighted the company's improvement in financial indicators, business progress, and future plans. 

He said the financial year 2023-24 could be treated as a milestone for Walton. In that financial year, Walton made a profit of about Tk 1,357 crore as against around Tk 783 crore in the previous year. 

He added that the company could declare a 350% cash dividend for the general shareholders after the substantial profit growth.

He expressed his optimism that the company's profits would increase further in the future and that it would be able to pay attractive dividends.

The financial statement for the year 2023-2024, Audit Report, Directors' Report, 350% Cash Dividend for General Shareholders, and 200% Cash Dividend for Sponsors and Directors were unanimously approved at the AGM.

Moreover, the shareholders also approved the retirement/re-election of the company's Directors and the appointment of the company's Managing Director for three years. 

The meeting also approved the appointment of A Qasem and Co. Chartered Accountants as the company's statutory auditors. Mohammad Sanaullah and Associates, Chartered Secretary & Consultant, as Corporate Governance Compliance Auditors for the financial year 2024-2025, and their remuneration was fixed.