Baraka Power’s net profit jumps 90% as subsidiary performs impressively
The company’s net profit stood at Tk12.54 crore in the third quarter, which was Tk6.60 crore in the year-ago quarter
Baraka Power Ltd has reported a 90 percent year-on-year jump in its net profit in the January-March period of the financial year 2019-20.
The company's net profit stood at Tk12.54 crore in the third quarter, which was Tk6.60 crore in the year-ago quarter. Meanwhile, its earnings per share increased to Tk0.57 in this quarter, which was Tk0.30 in the corresponding period of the previous year.
Baraka Power officials said the company witnessed a significant rise in its net profit riding on the performance of its associate company Baraka Shikalbaha Power.
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Baraka Shikalbaha Power started commercial operations at the end of the last year.
Meanwhile, Baraka Patenga which is an associate company of Baraka Power, contributes the most to the company's net profit, while another subsidiary Karnaphuli Power Ltd also has significant contribution, the officials mentioned.
Baraka also invested in the garments sector a few years ago, they said, adding that the garment industry is currently in trouble due to the coronavirus outbreak.
In the first nine months of the current fiscal, the company's net profit increased by 51 percent to Tk42 crore and earnings per share stood at Tk1.92. In the same period of the previous year, the company reported a net profit of Tk28 crore and its earnings per share was Tk1.27.
The company's net operating cash flow per share was Tk4.58 for the first three quarters of the current fiscal and the net asset value per share was Tk19.35 at the end of the third quarter.
The third quarter's unaudited financial statement was disseminated on Sunday evening after getting approved by the board.
The company was listed with the Dhaka Stock Exchange (DSE) in 2011 and its paid-up capital is Tk220 crore.
The company paid a 10 percent cash dividend to its shareholders for the last financial year.
The closing price of each share of the company was Tk19.80 at DSE. In the past one year, the highest share price of the company was Tk30.50.
The sponsors and directors have only 18.01 percent shares in the company, while institutional investors have 36.50 percent and general investors have 45.49 percent shares.
Baraka Power started its business in 2007. It is a private power company formed by Non Resident Bangladeshi (NRB) entrepreneurs.
