Intraco to transfer Ctg CNG station investment to Bhola project
Intraco Refueling's Company Secretary GM Salahuddin said the landowner wants to use the area for commercial construction since it is a high-value location
Intraco Refueling Limited, a publicly listed company, has decided to withdraw its investment from a CNG station operated by its subsidiary, Intraco Automobiles Limited, and transfer the funds to its Bhola Non-Pipe Gas Line Unit to enhance gas supply capacity.
According to a stock exchange disclosure, the company's board of directors made this decision in a meeting held last Thursday. Following the announcement, Intraco's share price rose by 7.04% to Tk22.80 on the Dhaka Stock Exchange (DSE) today (2 March).
The company, in the disclosure, stated that its lease agreement with the landowner of the Chattogram-based CNG station has expired, prompting the decision to discontinue operations from the first week of March 2025.
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In light of this, the board of directors decided to relocate the investment from Intraco Automobiles Limited to the Bhola Non-Pipe Gas Line Unit.
During the previous government's tenure, Intraco was assigned the responsibility of transporting gas from Bhola in compressed natural gas (CNG) form, starting with 5 million cubic feet per day. Later, an agreement was signed to gradually increase the supply to 25 million cubic feet per day.
Gas deliveries to industrial factories in CNG form began in December 2023.
Intraco Refueling's Company Secretary GM Salahuddin said the landowner wants to use the area for commercial construction since it is a high-value location.
He also mentioned that the company operates four other subsidiary CNG refueling stations.
In the October–December quarter of FY24, Intraco's revenue grew to Tk16.37 crore, up from Tk14.37 crore in the previous year. Its profit after tax rose to Tk3.17 crore, compared to Tk1.93 crore a year ago.
The company reported earnings per share of Tk0.32, while its net asset value per share stood at Tk11.91 at the end of December 2024.
After signing a 10-year contract with Sundarban Gas Company Limited, the company expects a significant boost in revenue and profit from transporting surplus gas in compressed form from Bhola gas fields to industries in Dhaka and Gazipur.
