Manaksia, the largest secondary producer of value added aluminium rolled products in India has declared 100% dividend.

The company’s consolidated Net Sales for FY08 stands at Rs 1147.37 crore, as against Rs 827.76 crore last year. For the year ended March 31, 2008, PAT climbed 39.28% YoY to Rs 128.19 crore from Rs 92.03 crore.

Manaksia’s standalone net sales for the FY 2008 is Rs. 731.81 crores, while profits stood at Rs.41.01 crores, an increase of 33%.

Speaking on the results, Mr. Dilip Patodia, CFO of Manaksia Ltd. said, “Increase in profits and turnover were mainly due to increase in sales of metal products, both in India and Nigeria.”

MINL, the Nigerian subsidiary of Manaksia, will take the scrap route to produce 200,000 tons of steel rebars per annum for the construction industry in Nigeria. MINL already produces steel galvanized sheets, aluminium roofing and color-coated sheets for the construction industry. The company is in the process of acquiring land near their existing factory in Ota for this project.

MINL, which had taken over Jebba Paper Mills Ltd. From the Nigerian Government in 2006, will commence production during the current fiscal. Initially, it will manufacture around 40 tons per day using waste paper as raw material.

The Board of Directors also approved the proposal for setting up a subsidiary company in Mauritius to facilitate international investments.

Manaksia is revamping its ERP system and installing SAP across all its establishments. Price Waterhouse has been appointed to advise the company in implementing the new system.

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About Manaksia Limited

Manaksia commenced its operations as manufacturer of metal closures in 1984 but has since diversified its business into value added metal products and mosquito coil. It has fifteen manufacturing units in India and three abroad; two in Nigeria and one in Ghana. Since its incorporation, it has responded to the challenges by redefining its core competencies and unleashing restructuring process.

The company had a follow-on public offering in December 2007, when it raised Rs 248 crores. The funds were earmarked for reduction of high cost debts and de-bottlenecking equipment for its steel and aluminium rolling mills at Haldia, West Bengal. While high cost debts amounting to Rs 60 crores has been paid off, a sum of Rs 9.74 crores has so far been spent on the de-bottlenecking equipment and Rs 25.93 crores ahs been spent towards general corporate purposes. The balance funds are held in short term instruments of mutual funds pending utilization.

The company’s steel rebars project at Kutaisi, Georgia, CIS, is progressing and the first phase is expected to start producing in the next fiscal.