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BSC Reports Strong Q1 Profit Growth of 23%

Industry: Logistics & Shipping, Shipping

The Bangladesh Shipping Corporation (BSC), a leading state-owned oceangoing vessel management authority, has witnessed a remarkable 23% year-on-year increase in profit, reaching Tk62 crore in the first quarter of 2023. This growth can be attributed to a significant rise in income from lighterage ships. The corporation’s unaudited financial statements reveal a 14% boost in net revenue, amounting to Tk123 crore compared to the same period last year.

The lighterage ship segment played a crucial role, contributing Tk30.44 crore—an impressive increase from Tk14 crore. However, revenue from charter ships declined by 8% to Tk65 crore due to damage suffered by one ship during the Russia-Ukraine conflict. The General Manager (Admin) of BSC, attributed the revenue and profit growth to the surge in income from lighterage ships. He emphasized the increased demand and fares for oil tankers, which positively impacted the revenue of these vessels.

In the previous fiscal year, BSC recorded a substantial profit of Tk225.80 crore, marking a remarkable 213% increase over the previous year. Shareholders were rewarded with a 20% cash dividend in FY22, compared to 12% in the previous fiscal year

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