GNFC declares 70% dividend to shareholders in 43rd AGM

  • | Thursday | 26th September, 2019

Shri Dagur pointed out that India has continued to be amongst the fastest-growing major economies in the world and is expected this trend to continue in the future. 

43rd Annual General Meeting of the Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) was held on September 26th, 2019 at Bharuch. Shri M S Dagur, Managing Director of the Company, who chaired the AGM, informed that GNFC posted Rs. 741 Crores Profit After Tax in the Financial year 2018-19. Proposed Dividend @ 70% was approved by the shareholders.  This announcement reflects a sustained and stable return on investment of the Shareholders. Shareholders in the meeting, welcomed the announcement wholeheartedly.     

Addressing the AGM, Shri Dagur put in perspective overall view of global and Indian economic trends. Shri Dagur pointed out that India has continued to be amongst the fastest-growing major economies in the world and is expected this trend to continue in the future. 

In the financial year 2018-19, GNFC established total 148 nos. of new records out of which 111 nos. of records were in production front. Most of the plants of the company operated at more than 100% production capacity, which has resulted in the highest ever production of Toluene Di–Isocyante (TDI) & other Industrial Products. Despite moderate monsoon, the company performed reasonably well in the Fertilizer segment in the FY 2018-19 in the country. The company sold 6.51Lac MTs Urea and 2.01 lac MTs of Ammonium Nitro Phosphate. Similarly, despite cut-throat competition in both the domestic and international market, Chemical business has satisfactorily contributed to the profitability of the Company. 


Shri Dagur, further stated that GNFC has become a cash positive company leading to a reduction in finance cost by 93% from Rs. 100 Crores during the previous year to Rs. 6 Crores this year. He added, GNFC’s IT division (n)Code solution also registered sales turnover of Rs. 96 crore and reported profit of Rs. 30 crores. 

Shri Dagur, appraised the members present about various ongoing projects, capacity revamping and growth plans of key plants/products. On CSR front, he said that the Company spent Rs.3.50 Crores and assured the shareholders of commitment towards CSR, overall environmental sustainability, energy conservation and safety measures too. He added that GNFC’s Neem Project is a success story for creating shared value among rural and urban poor people empowering communities with a targeted focus on woman empowerment through income generation improved livelihood. The project is also encouraging organic farming by producing neem cakes.

While addressing the shareholders, Mr. Dagur expressed his satisfaction that the Company’s Senior Management & their team have been contributing the best of the knowledge, skill and dedication for the growth and prosperity of the Company. He had also expressed his satisfaction for GNFC’s successful penetration in the FMCG market through Neem Products which are going to be coming soon in the FMCG market with new look and brand name.

Shri Dagur 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.       


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