Shipping Corporation sees 42% surge in H1 profit

Half-yearly financials:

• Revenue grew 31% to around Tk300cr
• Profit 41.88% to Tk142cr
• In FY24, it made record Tk249cr profit
• Paid a 25% cash dividend 

Bangladesh Shipping Corporation (BSC), a state-owned company, has reported a 41.88% rise in its half-yearly profit, driven by rising freight rates in the international shipping sector.

According to the corporation's unaudited financial statements, its revenue grew by 31% to Tk297 crore as of December 2024. Its net profit for H1 surged to Tk142.62 crore, up from Tk100.46 crore in the same period of the previous year.

In the second quarter of the current fiscal (October to December), revenue increased by 25.86% to Tk146 crore, while profit rose by 7% to Tk53.69 crore.

Commenting on its financial performance, the corporation stated, "The Ministry of Shipping is conducting international passenger ship operations by providing policy guidance, supervision, and monitoring."

"Initiatives have been taken to operate international passenger vessels at both domestic and international levels. Steps have been taken to enhance necessary regulations and facilities by conducting feasibility studies on the establishment and sustainable management of an international cruise terminal," it added.

The corporation also highlighted ongoing efforts to expand seaports and technological infrastructure through various strategies, including private sector participation.

"Furthermore, the revenue income of the international shipping sector has increased significantly compared to the previous period," it said.

BSC has been experiencing strong growth in profit and revenue, driven by higher freight rates on international routes following the Covid-19 pandemic and the Russia-Ukraine war, as well as the rising value of the dollar.

Established in 1972, just months after the country's independence, the corporation recorded a profit of Tk249 crore in the 2023-24 fiscal year – the highest in its 52-year history.

That year, it paid a 25% cash dividend to its shareholders. The strong growth trend has continued in the current fiscal year.

In October last year, BSC invested Tk700-800 crore to procure two vessels at its own expense, marking the first time in its history that it had independently financed such a procurement.