Published :
Updated :
For all latest news, follow The Financial Express Google News channel.
Bangladesh Shipping Corporation's annual profit jumped 22.8 per cent year-on-year in FY25 to Tk 3.07 billion, driven by a one-off income from selling two vessels and higher freight rates.
It earned nearly Tk 0.5 billion from the sale of two fire-ravaged ships.
According to a disclosure on Wednesday, earnings per share rose to Tk 20.1 in FY25 from Tk 16.37 the year before.
After losing two ships that had made significant contributions to revenue generation, the state-run company rented vessels to continue providing services as before. The strategy worked well in adjusting to the sudden, unexpected event.
Earlier, in a press conference, the BSC said the vessels - Banglar Jyoti and Banglar Shourabh - fetched Tk 0.46 billion after the damage, while they had generated a total revenue of Tk 15.36 billion during their 37 years of service.
Purchased from Denmark in 1987 for Tk 0.60 billion, Banglar Jyoti earned Tk 8.05 billion and Banglar Shourabh Tk 7.31 billion over their operational lifespan.
The ships suffered major damage in separate fire incidents. In September last year, Banglar Jyoti caught fire at Chattogram Port's Dolphin Jetty, killing three crew members. Within a few days, in the following month, a fire broke out on Banglar Shourabh during the unloading of oil at the outer anchorage, resulting in one death.
Apart from the sale proceeds, the company earned higher revenue this year, supported by increased freight rates in the international shipping sector.
Net profit increased by Tk 0.57 billion to Tk 3.07 billion in FY25 compared to the year before.
Despite the positive financial results, the stock of Bangladesh Shipping Corporation fell 2.7 per cent to Tk 108.1 per share on Wednesday on the Dhaka Stock Exchange (DSE).
The company has declared a 25 per cent cash dividend for FY25, the same as that paid for FY24.
Meanwhile, its cash generation capacity deteriorated from Tk 31.08 per share in FY24 to Tk 11.96 per share in FY25 after interest payments against government loans in the latest financial year, according to the disclosure.
The company has also disclosed its first-quarter profit for FY26. It showed a 13.18 per cent year-on-year decline in profit to Tk 0.78 billion in the quarter due to an increase in tax payments.
farhan.fardaus@gmail.com