Linde’s gas business falls 9% amid pandemic
Its net profit decreased by 7% to Tk28.73 crore
Industrial and medical gas producer Linde Bangladesh Limited has reported a 9% fall in revenue in the first quarter (January-March) of this year as the demand for gas decreased in industries.
Usually, more than 80% of Linde's revenues come from industrial gas and welding electrodes. The rest comes from medical oxygen supply and sales of other healthcare services.
According to the company's unaudited financial statement, it reported a revenue of Tk127.47 crore during the first quarter of 2021, down from Tk139.65 crore in the same period of the previous year.
Following the decline in sales, the company's net profit also decreased by 7% to Tk28.73 crore and earnings per share (EPS) to Tk18.88 during this period.
It has proposed the disbursal of a 400% cash dividend to its shareholders for 2020.
The Germany-based multinational company will hold an annual general meeting (AGM) virtually on 27 May to secure approval from shareholders regarding the proposed dividend. The record date of the AGM is 29 April.
Linde's annual EPS dropped to Tk70.55, which was Tk80.93 in 2019.
The company is also the country's leading medical oxygen gas supplier. But in December last year, its medical oxygen plant situated in Rupganj was shut for two weeks due to disruptions in the rotor machine.
Saiqa Mazed, head of human resources of the company, said, "Due to the coronavirus pandemic, our medical oxygen demand is surging. So, we fixed the problem within a short time at Rupganj plant."
"The company met the additional demand by importing medical oxygen from the Indian plant," he added.