Eastern Lubricants Blenders Ltd., achieved significant success in FY’23 with a 150% YoY profit growth, reporting a profit of Tk 28.58 million compared to Tk 11.33 million in the previous year. Basic earnings per share rose to Tk 21.78 from Tk 9.50 in the prior year. The remarkable performance is attributed to its base oil import business, which experienced a 478% YoY revenue surge, reaching Tk 304 million in the first nine months of FY’23.
The company procured base oil at lower prices from the international market and sold it to three state-owned buyers, Padma Oil, Meghna Petroleum, and Jamuna Oil Company, at higher prices. The increased profit margin from base oil trading significantly contributed to Eastern Lubricant Blenders’ success. The company diversified its business by distributing automotive batteries, bitumen, and grease supplies to Bangladesh Petroleum Corporation subsidiaries. Eastern Lubricants declared a 60% cash dividend and a 10% bonus dividend for FY’23, up from 40% cash and 10% stock dividends the previous year. The company will hold its annual general meeting on December 4.
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