The auditor has expressed concern over the ability of Safco Spinning Mills, listed on the stock market, to continue or sustain its business. The concern was raised during the audit of the company’s latest financial statements for the 2024-25 fiscal year.
The auditor reported that as of June 30, 2025, Safco Spinning has an accumulated loss of BDT 978.1 million. In addition, the company has unpaid bank loans amounting to BDT 1,422.4 million, nominal sales of inventory, and production has been halted. In this situation, the auditor has expressed doubt about the company’s ability to recover or sustain its business.
In the latest 2024-25 fiscal year, the company, listed on the stock market, incurred a loss of BDT 7.52 per share. Consequently, the board of directors has decided not to distribute any dividends to shareholders for that fiscal year.
It is noted that Safco Spinning, listed on the stock market in 2000, has a paid-up capital of BDT 299.8 million. Of this, investors other than entrepreneurs/directors hold 70% ownership. As of Tuesday (December 23), the company’s share price stood at BDT 13.20.
