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State-owned oil companies have seen bumper growth in 2022

Industry: Oil & Petroleum

Due to the increase in fuel prices, four state-owned petroleum distribution companies—Padma Oil, Meghna Petroleum, Jamuna Oil, and Eastern Lubricants—saw enormous profit increases from July through December of the fiscal year 2022–23.

According to its unaudited financial report, Padma Oil Company, one of the state-owned oil distribution companies, saw its net profit increase by 38.22% to Tk 158.4 crore from Tk 114.6 crore during the same time last fiscal year. The listed company’s profits per share (EPS) for the first half of FY23 were Tk 16.13 compared to Tk 11.67 for the same period the previous year.

Comparing July to December 2022 to July to December 2021, the state-owned company’s consolidated net operating cash flow per share (NOCFPS) was negative Tk 101.80 (down from Tk 13.61). As of December 2022, it had a net asset value (NAV) per share of Tk 196.51, up from Tk 180.38 till June 2022.

 

 

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The Business Post

 

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