National Polymer’s Jan-Mar profit grows 49%

National Polymer Industries has posted 49% year-on-year growth in profit in the third quarter of the current fiscal year by minimising foreign exchange losses through sourcing raw materials locally.

The conglomerate, which manufactures PVC pipes, PVC doors, and bottle-grade PVC compounds and sells the products in both local and international markets, reported a net profit of Tk6.78 crore, up from Tk4.54 crore a year ago.

The revenue also increased by 11% to Tk157.91 crore.

Its earnings per share stood at Tk0.93 and net asset value per share at Tk28.63 until March this year.

Speaking on condition of anonymity, an official at the company said that it used to import resin, a raw material for polymer production. However, now the company procures around 70% of its resin locally, which has significantly reduced its foreign exchange losses. The company has also been able to minimise its administrative, selling, and marketing expenses.

Between January and March, the foreign exchange loss came down to Tk33 lakh from Tk14.35 crore in the previous three months. In the first nine months of the current fiscal year, the foreign exchange loss was Tk23.16 crore.

Its net operating cash flow per share has jumped by 296% to Tk5.08 from Tk1.28 as collection from sales and others increased in this quarter compared to a year ago.

The company recommended a 10.5% cash dividend for its shareholders for the year that ended on 30 June 2022.

Incorporated in 1987, it got listed on the Dhaka Stock Exchange in 1993.

The last trading price of each share of the company on the country's premier bourse was Tk51 on Thursday.