Subsidiaries help Doreen Power to exceed annual profit in nine months

Doreen Power Generations and Systems — an electricity supplier to the national grid — surpassed its last fiscal's annual profit in the July to March period of the ongoing fiscal year thanks to its subsidiaries.

During the first nine months of fiscal 2021-22, Doreen Power's profit stood at Tk134.06 crore, whereas its whole year's profit for fiscal 2020-21 was Tk116.86 crore.

According to the company's disclosure on the Dhaka Stock Exchange (DSE) website on Monday, Doreen Power's profit increased because of significant growth in the revenue and profit of its subsidiaries.

The company has three subsidiaries: Dhaka Northern Power Generations, Dhaka Southern Power Generations which were formed in 2016, and Chandpur Power Generation which was formed in February this year.

Not only the revenues of Dhaka Northern Power, and Dhaka Southern Power soared more than the previous fiscal, but the newly established Chandpur Power also earned a decent revenue of Tk88.79 crore within a month of its launch.

According to Doreen Power's unaudited financial statements, the revenue of its subsidiary Northern Power grew 62% to Tk315.28 crore, and that of its other subsidiary Southern Power grew 93% to Tk333.23 crore in the January to March quarter of the current fiscal.

In the ongoing fiscal's third quarter, Doreen Power's consolidated revenue increased by 172% to Tk377.58 crore, and consolidated profit by 120% to Tk55.01 crore, compared to the same quarter of the previous fiscal.

In the July to March nine-month period, its consolidated revenue grew by 81% to Tk841.17 crore, and consolidated profit by 53% to

Tk134.06 crore compared to the same period of the previous year.

Doreen Power Generations and Systems got listed on the stock exchanges in 2016.

In FY21, the company had paid 13% cash and 12% stock dividends to its shareholders.