Summit Power's profits climb 49%
Summit Power Ltd (SPL) recorded a profit of Tk 441.64 crore in the July-March period of the ongoing financial year (FY) 2023-24, up a substantial 49 percent year-on-year despite witnessing a decline in revenue.
The private power generator giant had booked a profit of Tk 296 crore in the same period of FY23, according to its unaudited financial statement.
The company's raw material purchases accounted for 77 percent of total revenue in the period in FY24 compared to 88 percent in the same period in FY23.
As a result, the power producer profited despite a 35 percent decline in revenue to Tk 3,029.51 crore in FY24.
SPL's earnings per share grew to Tk 2.40 in the nine-month period compared to Tk 2.05 in FY23.
In the January-March quarter of this financial year, SPL booked a profit of Tk 135.55 crore.
In the same quarter last fiscal year, they had registered a loss of Tk 12.43 crore.
However, revenue declined by 47 percent to Tk 819.74 crore in the January-March period in FY24. It stood at Tk 1,556.75 crore in the same period in FY23.
SPL offered a 10 percent cash dividend in FY23, the lowest since the company got listed with the stock exchanges, after registering a 46 percent fall in profit.
It reported a profit of Tk 221 crore in FY23 compared to Tk 413.24 crore in the same period of FY22.
Shares of Summit Power Limited closed at Tk 22.80 on the Dhaka Stock Exchange yesterday, increasing 1.79 percent from the previous day.
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