GBB Power posts 5.72 percent profit growth

Publicly listed GBB Power Ltd has posted a 5.72-percent increase in profits over a period of nine months (July 2019 to March 2020).

According to the power company's last unaudited report, its net profit rose to Tk8.13 crore in the July-March period as compared to Tk7.69 crore in the same period the previous year.

However, in the last quarter of the current fiscal year (January 2020 to March 2020), GBB Power witnessed a 15.49-percent decrease in its net profit and the amount stood at Tk2.51 crore.

In the first nine months of 2019-20, the company's net sales increased by 6.79 percent to Tk43.91 crore from that during the same period last year.

From July 2019 to March 2020, its earning per share was Tk0.80, up from Tk0.76, and its net asset value (NAV) per share was Tk19.60, down from Tk20.30 in the same period of last year.

The administrative, financial and other expenses of GBB Power reduced by 6 percent in 2019 compared to that in 2018.

As a result, the company saw a 28-percent jump in its NAV per share in 2019 against that in 2018.

Last year, the company's net profit was Tk7.70 crore.

The company recommended a 10-percent cash dividend this year.

GBB Power's sponsors and directors jointly own 32.01 percent of its shares, institutional investors own 16.89 percent and general investors own the rest.

GBB Power Limited is a private electricity generation company which supplies power to the national grid.

The company was incorporated in Bangladesh on October 17, 2006 and started its commercial operation on June 17, 2008.

The objective of the company is to set up power plants on Build-Own-Operate basis for electricity generation and selling it to Bangladesh Power Development Board.

The last trading price of each share of the company at the Dhaka Stock Exchange was Tk12.40.

The company was listed on both the stock exchanges in 2012.