CVO Petrochemicals shuts factory for maintenance

CVO Petrochemical Refinery, a listed company, has temporarily shut its factory for emergency maintenance from 7 September to 30 September, according to a disclosure published on the stock exchanges today (7 September).

The company's board decided to suspend operations for around three weeks, with the shutdown period subject to further review.

The company said the shutdown was necessary due to "unavoidable operational circumstances" and to ensure operational efficiency and the sustainable continuation of its business.

"After carefully considering the prevailing operational conditions, the management of the company has determined that the temporary shutdown is necessary," the disclosure said.

The company said it is taking necessary measures to address the situation and resume operations as soon as possible.

Following the announcement, CVO Petrochemical Refinery's share price fell 3.35% to Tk158.50 on the Dhaka Stock Exchange (DSE) today.

The shutdown comes as the company has recently staged a strong turnaround in sales and profitability after incurring losses in previous years.

In the first quarter of FY26, its revenue rose 11% year-on-year to Tk101.69 crore, while profit surged 116% to Tk15.37 crore, according to its quarterly financial report.

Its nine-month profit also surpassed its full-year profit for FY25.

In FY25, the company posted a profit of Tk10.59 crore and paid a 20% dividend, comprising 11% cash and 9% stock dividends.