Jamuna Oil’s profit jumps 48% in Q1

Jamuna Oil Company Limited recorded strong earnings in the July-September quarter of the current fiscal year 2024-25 on the back of higher interest income.

Additionally, the oil producer posted a strong result in the 2023-24 fiscal year, leading to a robust cash dividend payout.

Profit grew an impressive 48 percent year-on-year in the first quarter of the current fiscal year, reaching Tk 124.09 crore.

The company's earnings per share (EPS) for July-September 2024 rose to Tk 11.24, up from Tk 7.59 in the same period last year, according to a recent disclosure on the Dhaka Stock Exchange website.

Jamuna Oil attributed the growth in EPS to higher interest income from bank deposits.

Its net operating cash flow per share (NOCFPS) also improved, standing at Tk 55.58 in Q1, compared to Tk 40.85 in the same period in 2023.

This positive performance follows a profit of Tk 441.67 crore in the 2023-24 fiscal year, with the company's annual EPS increasing to Tk 40 from Tk 30.87 the year prior.

Buoyed by the higher profit, the company's board has recommended a 150 percent cash dividend for the year that ended on June 30, 2024, marking the highest payout in nine years.

In 1964, Pakistan National Oil Limited (PNOL) was established and later it was renamed Jamuna Oil Company Limited (JOCL).

It became a fully government-owned entity in 1975 and a Bangladesh Petroleum Corporation (BPC) subsidiary in 1976.

At present, the BPC and general investors respectively hold 60.08 percent and 39.92 percent of its shares, which rose by 0.42 percent to Tk 190.9 per unit yesterday.