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on two major factors — the rupee-dollar exchange rate and availability of raw petroleum coke at commercially viable prices. Your Company sources most of its raw material from China. With prices of raw petroleum coke creeping up due to lack of availability, we may see some impact on CPC prices in coming quarters.
Coming to the performance of your Company, during the year under review, the Company sold 2,09,343 MT of calcined petroleum coke against 1,59,579 MT in FY 2016-17, achieving the strong financial performance. The performance was aided by advantageous market conditions, better capacity utilization, well managed foreign exchange and favorable raw material costs. Further, Goa Carbon’s stock mirrored our strong operational performance. I am pleased to mention that your Board of Directors has also recommended the declaration of an all-time high dividend for FY 2017-18 for your consideration.
All our actions are focused towards creating a more sustainable enterprise. Besides business performance, we are also making significant investments in community engagements through the implementation of meaningful CSR projects.
Corporate governance and ethical management have always been the guiding principles of carrying out the business at Goa Carbon. The Board has adopted several policies to support its values and good corporate governance. We firmly believe that ethical and transparent corporate governance is critical to our long-term success and ability to create value for our shareholders. The Company is committed to creating wealth and enhancing shareholders’ value.
Before I conclude, I take this opportunity to thank the Government of India, Government of Goa, Chhattisgarh, and Odisha, Marmugao Port Trust, Paradeep Port Trust, various regulatory authorities and our bankers, associates, and suppliers and all other stakeholders for their support, faith and continued association. I would also like to thank your Company’s employees and the board for their consistent commitment, engagement, support, and encouragement in our journey. We will continue to seek our shareholders’ participation and support, as we extend our footprint to create new pathways to progress and tap impending business opportunities.
I am happy to share in brief the highlights of your Company’s performance during FY 2017-18. This has been an exciting year for Goa Carbon and your Company has delivered a strong financial and operational performance. What an amazing time to witness this achievement when your Company has also reached the milestone of the Golden Jubilee Year!
Global aluminum demand rose by 6% to 64.2 million tonnes in 2017. In the world, excluding China, demand grew by 3.7% to 29.2 million tonnes. So, while China was the definite leader in aluminum demand, even smaller countries such as Thailand, Vietnam and Indonesia are witnessing rising aluminum demand, thanks to increasing industrialization and urbanization (Source: Strategic Research Institute, Steelguru).
While India’s GDP grew by 6.2% over the previous fiscal, it is worth noting that the economy really picked up speed in the final two quarters. Going forward, rapid urbanization will augment consumer demand for aluminum products, which is a positive for the sector. Moreover, our per capita aluminum consumption is far below the global average. This offers a huge potential, given our demographic and economic outlook.
We are positive on the performance for FY 2018-19. Having said that, the growth and profitability of CPC will depend
7th June 2018