Date: August 14, 2019
Blue Power Group Limited’s (BPOW) AGM was held today August 14, 2019 and was hosted by Dhiru Tanna, Chairman of Blue Power Group Limited who started the proceedings by the usual welcoming and introductions.
Major Dawes, the Managing Director, highlighted the financial performance of the company for the last financial year ended April 30, 2019. “The financial year shows increased sales up by 10% that is from $1.51 billion to $1.67 billion with the Lumber Depot Division showing an increase of 12% with $1.196 billion from $1.067 billion while the Blue Power Division increased 6% from $440.36 million to $468.80 million year over year,” said Mr. Dawes.
The Managing Director stated that “the company’s gross profit increased by 17% attributable to the Group companies despite the effect of price cutting in the export markets in the hope of creating greater market share. Net profit before taxation moved by 37%.” He also stated that, “ increases in administrative and other costs were as a result of provision for consulting and legal fees incurred as we reposition the two divisions for future expansion and growth.”
Lastly, Mr. Dawes highlighted that, “the growth in the construction industry, the new government policies announced in April along with reduced mortgage rates from the National Housing Trust will aid in the development of the Lumber Depot Division.” In addition, Mr. Dawes “expects sales to increase in keeping with low inflation and extra business activity.” He further added that the Directors decided to “raise additional funds for expansion of the Lumber Depot.”
Future Strategies for the Lumber Division:
- “Explore acquisitions and/or mergers with like companies
- Distribution of building material
- Build brand identity
- Broaden customer base
- Strengthen operating technologies
- Increase square footage for inventory display and storage”
Future Strategies for the Blue Power Division:
- “Grow existing partnerships
- Explore new partnerships (Partnership with Trinidad to produce a natural and organic soap to appeal to the millennials.)
- Online purchasing is still in the pipeline
- Launch new line of personal cares soaps(six fragrances for beauty soaps will be launched for a company in Miami within the next month)
- Lobby for cess removal”
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