Padma Oil posts 25% profit growth
State-owned Padma Oil Company Limited posted a 25% year-on-year growth in profit in the first quarter of this fiscal year as its gross earnings from petroleum trading increased by 17%.
During the July-September period, the product handling volume increased by 29% to 679,365 tonnes, from 526,400 tonnes in the same time of the previous fiscal year.
Its income from fixed deposits in banks increased by 14% to Tk75.96 crore.
At the end of the quarter, the company registered a profit of Tk70.75 crore, up from Tk56.48 crore in July-September of FY21.
125% cash dividend declared
The company has recommended a 125% cash dividend for fiscal 2021-22. That means its shareholders will get Tk12.50 for each share.
It has reported a 5% jump in profit compared to the previous fiscal year.
According to its financials, in FY22 Padma Oil logged a profit of Tk240.37 crore, which was Tk228.58 crore in the previous fiscal year.
Its earnings per share (EPS) increased to Tk24.47, up from Tk23.27 in FY21.
The company had earlier paid a 125% cash dividend to its shareholders.
The annual general meeting (AGM) will be held on 21 January 2023 and to identify shareholders, 5 December this year has been fixed as the record date.
