Majority of state firms incur losses, yet seven shine with Tk1,544cr profit in H1

Infographics: TBS

Seven state-owned listed companies have bucked the prevailing market trend, delivering a collective profit of Tk1,544 crore in the first half of the current fiscal year despite a broader downturn that has left 56% of all listed firms in the red.

This combined profit represents a significant 47.57% increase over the Tk1,046.65 crore recorded by the same firms during the July-December period of the previous fiscal year.

While these seven leaders flourished, the government's overall portfolio remained mixed, as nine other state-linked firms posted a combined loss of Tk761 crore, though this was a slight improvement from the Tk867 crore loss recorded previously.

Power Grid top profit maker

Power Grid Bangladesh PLC, a state-owned power transmission firm, witnessed a staggering 236% growth in profit in the first half of 2025-26 fiscal year as its total income surged and decreased expenses.

According to its statements, in H1 of FY26, it made a profit of Tk476.63 crore, which was Tk141.68 crore in H1 of FY25.

Its profit in the second quarter during the October to December, however, declined 71.60% to Tk113.09 crore.

Its report showed that its revenue in H1 increased by 9.52% to Tk1,671 crore.

Due to foreign currency volatility for its foreign loans, Power Grid witnessed a significant blow in its profitability.

In the last three fiscal years, it had incurred a loss of Tk1,294 crore, and in the last two fiscals, it failed to declare any dividends for its shareholders.

Regarding its profit growth, Power Grid states its profit surged due to an increase in total income by Tk167.86 crore and a decline in total expenses by Tk167.07 crore.

Oil suppliers sees growth

Of the three listed fuel suppliers, Padma Oil and Meghna Petroleum posted growth in their profit, but Jamuna Oil saw declines in profit by 18% due to not accruing interest in the four merged banks into Sammilito Islami Bank.

Padma Oil's profit surged by 20% to Tk299 crore and Meghna Petroleum by 3% to Tk309.44 crore riding on their non-operating income mostly came from the income of fixed deposits receipts (FRDs).

Jamuna Oil posted a profit of Tk216.81 crore, which was Tk264.11 crore in the same time of the previous fiscal year.

Jamuna Oil said its profit decreased as interest on bank deposits with Sammilito Islami Bank for the period of second quarter of FY26 has not been accrued."

It also said interest accrued for the first quarter of FY26 earlier has been written back; because it is presumed that interest from bank deposits with Sammilito Islami Bank could not be realised.

According to the auditor, Jamuna Oil Company has a total investment of Tk1,541.08 crore in six banks.

Jamuna Oil has investments in FDRs of Tk326.11 crore and Tk393.84 crore in SND accounts at First Security Islami Bank, Tk432 crore in Global Islami Bank, Tk289.49 crore in Union Bank, and Tk18.64 crore in Social Islami Bank.

Besides, it has investments of Tk74 crore in Bangladesh Commerce Bank and Tk7 crore in National Bank, and some institutions that have also faced challenges.

Submarine Cable posts 59% growth

Bangladesh Submarine Cable Company posted a 59% year-on-year growth in its profit in the July to December of FY26.

Its net profit grew to Tk146.66 crore, which was Tk92.21 crore in H1 of FY25, its financial report showed. Its revenue also grew by 29% to Tk251.58 crore.

Regarding growth, Bangladesh Submarine Cable said revenue increased primarily due to a significant rise in IPLC rent, IP Transit service, and co-location service, as well as the substantial efforts of the company's management and supportive government policies.

The company added that the increase in EPS is the result of higher revenue and other income from ordinary business activities, leading to a positive impact on EPS. It also noted that there were no significant extraordinary transactions during this period.

Desco returns to profit

Dhaka Electric Supply Company (Desco) also returned to profit, reporting Tk90.49 crore in earnings compared with a Tk6.07 crore loss a year earlier. Its revenue rose 6% to Tk4,105 crore, as electricity sales increased both in volume and value, driven by growth in customer numbers and industrial and commercial consumption.

Titas's loss narrows

Titas Gas Transmission and Distribution PLC narrowed its loss to Tk390.32 crore in the first half, down from Tk711 crore in the same period last year. The company cited higher operational income and a reduced tax deduction rate as key factors behind the improvement.

ICB hits lower capital gain, interest burdens

The Investment Corporation of Bangladesh (ICB) remained under pressure, posting a Tk311 crore loss in H1, wider than the Tk117 crore loss recorded a year earlier. The institution had absorbed a Tk1,214 crore loss in the previous fiscal year.

Although it earned Tk74 crore in interest income, ICB paid Tk550 crore against deposits and borrowings. Dividend income fell 8% to Tk197 crore, capital gains plunged 81% to Tk33.62 crore, and fees and commission income dropped 29% to Tk59.46 crore. Officials attributed the weak performance to capital market volatility and limited share sales.

Sugar mills loss widens

Losses widened at two listed sugar mills. Zeal Bangla Sugar Mills posted a Tk29 crore loss, up from Tk22.17 crore a year earlier, while Shyampur Sugar Mills reported a Tk12.53 crore loss. Shyampur has remained closed for several years following a government decision amid sustained losses.

Other loss-making companies include Eastern Cables, Usmania Glass Sheet Factory, Atlas Bangladesh and Renwick Jajneswar. National Tubes and Eastern Cables, which were profitable in the same period last year, slipped into losses of Tk4.28 crore and Tk5.65 crore respectively in the first half of FY26.