Padma Oil’s profit surges 45% in FY23

Padma Oil Co Ltd registered a 45 percent year-on-year increase in profit to Tk 349.51 crore in the financial year that ended on June 30.

The profit stood at Tk 240.38 crore in 2021-22. Thus, the state-run company reported earnings per share of Tk 35.58 for 2022-23 against Tk 24.47 in FY22, the state-run company said in a disclosure on the Dhaka Stock Exchange today.

The net asset value per share improved to Tk 203.46 from Tk 180.38 while the net operating cash flow per share (NOCFPS) slipped to a negative territory at Tk 51.99 from Tk 98.15.

The board of directors recommended a 135 percent cash dividend for FY23.

Padma Oil also registered a 22 percent spike in profit to Tk 90.76 crore in the first quarter of FY24. It was Tk 70.72 crore in July-September of FY23.

Therefore, the oil marketing company reported EPS of Tk 9.24 for July-September of FY24 against Tk 7.20 a year ago.

The EPS rose on the back of an increased non-operating income against bank deposits, said Padma Oil, adding that increased collections from affiliated companies were also behind the profit gain.

The NAV per share rose to Tk 212.70 in the first quarter from Tk 203.46 while the NOCFPS slipped to Tk 5.38 negative from Tk 5.24 in negative.