Dear Valued Shareholders'
I am pleased to present the Annual Report of Queen South Textile Mills Limited (hereinafter referred to as "the Company" or "QSTML"), which includes the audited financial statements for the year ended 30 June 2022 ("FY 2021-2022"), on behalf of the Board of Directors.
We completed yet another challenging year amidst the ongoing pandemic that continued to disrupt business and economic activities around the world. Aside from Covid-19, the Russian attack in Ukraine at the end of February has had an impact on the world economy. Although there is now no direct impact on our Company's operations, we are already feeling the indirect consequences of the significant increase in energy and fuel prices, which might be reflected in our financial figures.
As most of the peace loving people, at every strata, foresee, the year 2023, at least, is likely to see great socio economic disasters for the shortage of food, spiral fuel oil price rises, break-down in transport for movement of man and materials, fear of recession/depression in economies of various sizes and importance, job losses, mass migration, wars and skirmishes here and there for control of all or every kind of resources and facilities that are required for survival and domination by the big powers.
Most of you are aware of the tremendous slump of the global economic growth potential from 5.7 percent in 2021 to 2.9 percent in 2022, significantly lower than 4.1 percent that was anticipated in January. It is expected to hover around that pace for several years.
By overcoming all such challenges, we were able to continue our progress in every parameter by achieving positive outcomes in practically every metric for FY 2021-2022. Although the statistics were much higher than the previous years but the Company's business is likely to remain tough for the upcoming future. For the FY 2021-2022, the Board of Directors will propose to the Annual General Meeting on 22 December 2022 a cash dividend of BDT 0.6 per share along with 6 percent stock dividend. This means that you, our shareholders, will once again participate in our good result.
The Board of Directors of QSTML has always remained focused on maximizing shareholder's value through formulation of policies and guidelines to ensure sustainable profitability, prudent risk management and good governance. As the Chairman of your company, my objective is to ensure the Board of Directors actively continues to play their due parts in the coming year. I eagerly look forward to receiving your thoughtful inputs.
The Management Team, worked hard and the outcome is obvious. This situation seems to be being threatened by the effects of global politics. Experts apprehend the black shadow of a Recession/Depression with global crises emanating from wars and skirmishes everywhere. We hope the leaders of the world and the people, in general, will realize the consequences of war and disorder in business today.
As I would like to conclude my observations, on behalf of the Board I would take this opportunity to thank our Regulators, Bangladesh Securities and Exchange Commission and Stock Exchange, NBR and other Regulatory Authorities of the Government of the People's Republic of Bangladesh for their continued guidance and support. I would also wish to thank our team and all employees of the company for their tremendous passion, resilience and hard work in delivering value for our shareholders and all other stakeholders. I remain personally grateful to the honorable members of the Board for having vested their confidence in my leadership and also for their immense support and guidance.
Last but not the least, I would like to express my deep gratitude and warm regards to all the esteemed stakeholders for their continuous support and trust in us to take the Company successfully into the future. We will continue to work towards building a more sustainable business for our customers while increasing value for our shareholders.
Now, to the end of my brief kindly allow me to welcome you at the 20th Annual General Meeting of the company. Let's celebrate and enjoy this auspicious day and would expect your generous effective suggestion with recommendation will lead our beloved company to attain the pick of success.
Thanking you all.
Wong Kwok Chuen