Meghna Petroleum profit jumps 40pc, as bank interest income escalates

Petroleum marketer Meghna Petroleum's profit jumped 40 per cent year-on-year to Tk 4.42 billion in FY23, as income from bank deposits escalated during the period.

"We had a big gain in non-operating income in FY23, as we had huge money deposited in commercial banks," said the company's General Manager Sanjib Nandy.

Higher interest income from deposits boosted the net income of Meghna petroleum.

The company declared 160 per cent cash dividend, the highest in at least 10 years, for FY23.

Its financial statement shows that the company has consistently derived higher income from non-operating sources than from its own operations.

In FY22, Meghna Petroleum earned Tk 2.57 billion from its business operation and Tk 3.03 billion from non-operating sources.

In the first nine months through March of FY23, the state-run organisation had a 40 per cent year-on-year increase in non-operating income.

On the other hand, the operating income rose only 5.68 per cent in July-March of FY23, compared to the same period of the previous fiscal year.

Full year's statement is not yet available.

Meghna Petroleum procures, stores, and markets petroleum products, including lubricants, bitumen, liquefied petroleum gas, and battery water.

The company was founded in December 1977 and is headquartered in Chittagong.

Meanwhile, the stock traded at Tk 205.3 on the Dhaka Stock Exchange on Thursday.

farhan.fardaus@gmail.com