Gas crisis throws Global Heavy Chemicals into loss

Global Heavy Chemicals — a manufacturer of industrial chemicals — turned a Tk11.3 crore loss in fiscal year 2021-22 owing to a gas supply shortage.

In the previous fiscal year 2020-21, the Opsonin Group company made a profit of Tk2.48 crore. 

According to the company's stock exchange filing on Tuesday, its loss per share in FY22 stood at Tk1.57. In FY21, its earnings per share stood at Tk0.34.

The company said in the disclosure that its sales went down in FY22 because of the gas crisis. Also, it failed to recover fixed operating costs like depreciation, and labour and finance costs. 

Because of turning a loss in FY22, the company recommended a mere 2% cash dividend for the fiscal. In FY21, it paid a 5% cash dividend to its general shareholders only. 

The annual general meeting will be held online on 31 December. To identify the shareholders entitled for the dividend, the record date has been fixed on 18 December. 

Global Heavy Chemicals was incorporated in 2000 and got listed on the stock exchanges in 2013. 

It started its journey in the chlor-alkali industry, which was the principal source of chlorine in 20th century Bangladesh. 

The company produces import substitutes for industrial chemicals like caustic soda, hydrochloric acid, bleaching powder, chlorine, sodium hypochlorite, and chlorinated paraffin wax (CPW). It exports chlorine to India. 

It also produces toiletries, and its brands cover formalin, carbide & pesticide removers, disinfectants, dish wash, and floor & toilet cleaners.