Subsidiaries help boost Doreen Power’s profits by 43%
AGM will be held on 18 December, record date is 6 November for approval of 30% dividends
Doreen Power Generations and Systems Limited posted a 43% year-on-year growth in its net profit for fiscal 2021-22, thanks to the increase in income from its two subsidiaries, and the income from another subsidiary added to the company's financials in the last quarter of FY22.
In FY22, Doreen Power's consolidated net profit stood at Tk167 crore, which was Tk116.86 crore in FY21.
Its consolidated earnings per share (EPS) stood at Tk10.31, and net asset value per share at Tk53.15 as of 30 June, 2022.
Doreen Power's Company Secretary, Masudur Rahman Bhuiyan, said profits from the company's two subsidiaries - Dhaka Southern Power Generations and Dhaka Northern Power Generations - increased significantly during the year.
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Also, profits from Chandpur Power Generation Limited - another subsidiary of Doreen Power - were added from April this year after it got approval from the Bangladesh Power Development Board (BPDB) for commercial operations.
At a board meeting on Sunday, Doreen Power declared 30% dividends - 18% cash and 12% stock - for FY22.
Its 15th annual general meeting (AGM) will be on 18 December across a virtual platform and the record date has been set as 6 November.
Doreen Power raised Tk58 crore from the stock market with an initial public offering (IPO) in 2016.
As of 31 August 2022, sponsors and directors jointly held 66.61%, institutions 20.24%, and the general public 12.85% shares in the company.
The last trading share price of the company at the Dhaka Stock Exchange was Tk74.30 per share on Monday.
