Emerald Oil Industries has faced over six months of halted production due to a gas supply shortage, as revealed in a response to a Dhaka Stock Exchange query on November 21, 2024. The company, which began producing Spondon-branded rice-bran oil in 2011, had previously announced plans for a capacity expansion with a new husk boiler over a year ago. Despite past disruptions, including a major loan scam and a leadership reshuffle, the company returned to profit in FY22 and FY23, reporting profits of Tk 12.12 million and Tk 66 million, respectively. It claimed a profit of Tk 152 million for the first half of FY24, with production capacity utilization increasing from 50% to 75%.
Emerald Oil’s stock price has fluctuated significantly, peaking at Tk 182 per share in mid-2023 before dropping to Tk 24.9 per share on November 21, 2024. The company’s financial struggles, including a negative equity of Tk 946 million in FY23, have raised investor concerns, especially after fresh foreign investments failed to materialize.
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