National Tubes slips into quarterly loss after two years
National Tubes Ltd, the state-owned steel pipe manufacturer, has slipped back into losses for the first time in two years, as shrinking turnover and weakening cash flows dragged down its July–September financial performance.
According to the company's unaudited financial statements released yesterday, the firm posted an earnings-per-share (EPS) loss of Tk0.77 for the first quarter of FY26, compared to a profit of Tk0.12 during the same period last year.
The company last reported a quarterly loss in the July-September quarter of 2023.
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The downturn stemmed from lower sales and reduced cash collection, even as payments for costs and operating expenses increased year-on-year. Consequently, its net operating cash flow per share (NOCFPS) plunged to negative Tk2.02, compared to negative Tk0.08 in the same period last year, according to the company's statement.
The company's net asset value (NAV) per share also fell marginally to Tk136.84 as of 30 September, down from Tk137.61 on 30 June.
Following the earnings disclosure, National Tubes' share price slipped by 1.32% to close at Tk59.90 on the Dhaka Stock Exchange (DSE).
The weak quarterly performance comes on the heels of a lower dividend payout for FY25. Earlier, the company declared a 1% cash dividend, significantly reduced from the 4% distributed for FY24. Its full-year EPS for FY25 stood at Tk1.72, reflecting a 14% year-on-year decline.
Because the dividend fell below the 5% threshold, National Tubes will continue to trade in the "B" category on the DSE.
National Tubes—listed on the bourse since 1989 and majority-owned by the government through the Bangladesh Steel and Engineering Corporation—has long been considered a flagship state-owned industrial enterprise.
Founded in 1964 as the country's first pipe manufacturer, the company was nationalised in 1972 and remains Bangladesh's sole government-owned steel pipe producer.
Its current shareholding structure includes 51% held by the government, 0.05% by sponsors and directors, 5.74% by institutions, and 43.21% by general investors.
