Summit Alliance Port revenue jumps 355% in H1
The subsidiary firm Container Transportation Services contributed 74% to Summit Alliance Port revenue
Summit Alliance Port, a listed entity on the stock market, reported that its consolidated revenue jumped by 355% in the first half of the current fiscal year 2024-25, mainly driven by its subsidiary Container Transportation Services.
According to the company's unaudited financial statement, Summit Alliance Port recorded consolidated revenue of Tk446 crore, marking a significant increase from Tk97 crore in the same time previous year.
The subsidiary firm Container Transportation Services contributed 74% to Summit Alliance Port revenue, where its solo revenue was Tk105 crore.
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During the first half, Summit Alliance Port's consolidated profit jumped 66% to Tk36.32 crore, up from Tk21.89 crore in the same time of FY24.
Its consolidated earnings per share stood at Tk1.52 during the July-December period.
Summit Alliance Port established Container Transportation Services in 2013, a year before it began operations. Initially, it focused on providing local transportation services rather than freight forwarding, as it lacked the required customs licence.
After obtaining the customs licence in June last year, the subsidiary separated its local transportation business and entered into an agreement with Hellmann Worldwide Logistics to serve as its local agent.
At present, Container Transportation Services has a paid-up capital of Tk50 lakh, with Summit Alliance Port owning 5 lakh shares.
On 20 January, Summit Alliance Port announced that it is going to issue 3.33 lakh new shares of Container Transportation Services to German logistics giant Hellmann Worldwide.
In a disclosure to the stock exchanges, Summit Alliance Port, which owns a 99% stake in the subsidiary, announced that the two parties signed a share subscription agreement on 19 January. Under the agreement, Hellmann Worldwide will subscribe to 3.33 lakh shares of Container Transportation Services at a face value of Tk10 each, with an additional premium of Tk56.50 per share. The transaction is subject to shareholder and regulatory approvals.
According to the price-sensitive statement, the strategic partnership is expected to strengthen Summit Alliance's global reach and operational capabilities while aligning with Hellmann Worldwide's ambition to expand its footprint in South Asia.
