Bangladesh Shipping Corporation's net profit jumps 107pc

The state-owned Bangladesh Shipping Corporation (BSC) reported a 107 percent jump in its net profit in the first three quarters of the last financial year.

In this period, the shipping corporation posted net profit of Tk55.52 crore. Its earnings per share stood at Tk3.64.

BSC had only one ship when the company was formed. In 2018, six new vessels joined its fleet.

An official of the company told The Business Standard that these new vessels have contributed to profit growth.

"We are planning to bring in six more ships by 2021 which will increase our profit even further," he added.

In the meantime, shipping corporation officials said they are planning to buy two mother bulk carriers with a capacity of 80,000 metric tonnes each, and 10 bulk carriers with a capacity of 10,000-15,000 metric tonnes each.

These vessels will transport imported coal for the Rampal, Payra and Matarbari power plants.

Since the capacity of Eastern Refinery Limited to refine crude oil would be doubled in the next few years, BSC intends to buy two more mother tanker vessels to meet this demand.

The corporation will also purchase another two product oil tankers with a capacity of 80,000 metric tonnes each. The oil tankers will be used to transport imported diesel and jet fuel of the Bangladesh Petroleum Corporation.

BSC paid a 10 percent cash dividend to its shareholders in the 2018-19 financial year.

The closing price of the shipping corporation's shares was Tk48.60 each at the Dhaka Stock Exchange on Monday. Its paid-up capital is Tk153 crore.

The government holds 52.10 percent shares of the company, various institutions own 13.09 percent and the general public holds 34.81 percent shares.