Libra Infusions to start country's largest dialysis fluid plant

Publicly listed Libra Infusions Ltd, the country's biggest producer of saline,  has now announced plans to start the country's largest dialysis fluid production plant from December this year.

In a stock exchange filing on Tuesday, the company informed that not only the brand-new dialysis fluid production plant will meet local demand, but also produce fluid in large quantities for exports.

After securing approval from the regulatory bodies, the company has already imported brand new machinery from China for the plant, and all civil, electrical, and HVAC constructions have been completed for going into large production.

However, in September this year, when the country witnessed a record-smashing dengue outbreak and the demand for injectable saline surged, the largest producer of saline curtailed its production by 75% due to what it claimed was a capital shortfall.

The Business Standard tried to reach Company Secretary Shafiqul Islam Bhuiya for a comment in this regard but the phone calls were left unanswered.

On 22 October this year, the company published its financials from two fiscal years ago. Its shareholders are still in the dark about its financial performance in the fiscals 2021-22 and 2022-23.

As per the published data, Libra Infusions made a profit of Tk2.25 lakh in FY21 riding on an increase in its sales and other income. In the previous fiscal, the company had incurred a loss of Tk1.16 crore.

For FY21, the company recommended a 30% cash dividend only for its general shareholders and 50% stock dividend for its sponsor-directors as well.

The stock dividend, which has been declared to increase the company's paid-up capital to Tk30 crore, is subject to the approval from the Bangladesh Securities and Exchange Commission (BSEC). At present, its paid-up capital is only Tk1.50 crore.

In FY20, it had paid a 5% cash dividend to its general shareholders despite incurring a loss.  

The annual general meeting (AGM) will be held online on 30 November. The record date has been fixed on 12 November. 

On Tuesday, its shares closed at Tk1,424.60 each at the Dhaka Stock Exchange, an 1.54% increase from the previous trading session.