CVO Petrochemical Refinery reported a remarkable 404% year-on-year profit increase, reaching Tk 65 million for FY24, with earnings per share (EPS) rising to Tk 2.34 from Tk 0.46 the previous year. This growth was attributed to higher sales, reduced finance expenses, and a significant decline in the cost of sales, which fell to 76% of total sales from 91% in the same period last year. The company declared a 10% cash dividend for shareholders and noted that net operating cash flow per share improved to Tk 2.77, up from Tk 1.42. The net asset value also increased to Tk 10.31 per share from Tk 8.27. Although the stock price dropped by 3.65% to Tk 147.7, it had previously surged by 17% over the month. CVO, which produces light fuel from naphtha, continues to expand its operations and maintain contracts for its products with Padma Oil Company.
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