Quasem Industries profit jumps on compensation
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Thursday
February 02, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
THURSDAY, FEBRUARY 02, 2023
Quasem Industries profit jumps on compensation

Corporates

Rafiqul Islam
22 May, 2021, 09:10 pm
Last modified: 23 May, 2021, 06:19 pm

Related News

  • Bangladesh Submarine Cable’s profit goes up 20% in Q2
  • Grameenphone’s profit shrinks 12% in 2022
  • Costly raw materials slash two Beximco firms’ profits
  • Industries panicked about continuing stresses on profitability
  • Taka devaluation erodes National Polymer profit by 94%

Quasem Industries profit jumps on compensation

The dry cell battery manufacturer has reported an 80% jump in net profit, despite a 22% drop in revenue, in the first nine months of the current fiscal year

Rafiqul Islam
22 May, 2021, 09:10 pm
Last modified: 23 May, 2021, 06:19 pm
Quasem Industries profit

Quasem Industries Limited has reported an impressive profit thanks to compensation the government paid to the country's largest dry cell battery manufacturer for its land acquisition.

It has reported an 80% jump in net profit, despite a 22% drop in revenue, in the first nine months of the current fiscal year.

The company said the net profit rose significantly in the July-March period only for the government compensation for the acquisition of land and a portion of the factory premises in Gorai of Tangail for constructing roads.

The revenue declined due to the Covid-19 stagnation coupled with the discontinuation of the trading relationship with its sister concern Quasem Lamps.

The mother company, Quasem Industries, earned from services to its sister concerns.

Industry sources said, owing to the expansion of the technology in the country, the demand for dry cell batteries has been on the wane for recent years.

Taking the concern into its consideration, Quasem Industries has diversified its business and is entering the consumer products sector.

In recent years, the company has marketed Wave deodorants, air fresheners, butane gas, and shaving foam.

"The government acquired some land and the factory premises along the road in Tangail and we got compensation from this. As a result, the company's net profit increased," Md Zakaria, the chief financial officer of Quasem Industries, told The Business Standard.

"The net revenue fell slightly due to the pandemic, but the shock was not much as expected for the good marketing policy in both the rural and urban areas."  

According to its financial statement, the company has received Tk4.58 in compensation from the government for land and factory premises acquisition.

Including the government compensation, its net profit after tax stood at Tk8.33 crore in the first nine months of the current fiscal year.

Without compensation, its net profit stood at Tk3.74 crore in July 2020-March 2021 period.

And this profit is 19% lower than Tk4.60 crore in the same period of the previous fiscal year.

In the January-March period, its net profit rose by 58% but its revenue fell by 18% compared to the same period of the previous year.

The revenue in the third quarter stood at Tk25.72 crore, while its net profit rose to Tk95.86 lakh, from Tk60.60 lakh a year ago.

According to its financials, the profit rose due to the decrease in administrative expenses and finance costs. The profit has also increased due to a rise in service income from its sister concerns.

On the contrary, its product selling and distribution expenses rose due to the pandemic.

Quasem Industries started its journey in the 1980s as the first ISO-certified dry cell manufacturer.

Now it is the market leader with the popular brand - Sunlite - with 75% over market shares.

Also, the company diversified its business to manufacture metal cans, flashlights, gas lighters, potato chips, and shaving foams.

In fiscal 2019-2020, its net revenue fell by 26% and net profit by 9.44% compared to the previous year.

The company declared 5% cash and 5% stock dividends for its shareholders for FY20.

It got listed on the stock exchanges in 1988.

Top News

Quasem Industries / profit / compensation

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Song of the farmers as boro begins
    Song of the farmers as boro begins
  • Country's external position improves as trade deficit narrows by 21% in H1 FY23
    Country's external position improves as trade deficit narrows by 21% in H1 FY23
  • Infograph: TBS
    Remittance inflow increases 15% in January

MOST VIEWED

  • Photo: Courtesy
    Buet alumni reunion held in Ctg
  • Photo: PR
    Jamuna Bank inaugurates CRM at Gulshan head office
  • Photo: PR
    Rupali Bank inaugurates Bhuigor sub-branch in Narayanganj
  • Photo: PR
    Walton conferred with 'Best Innovation' & 'Best Stall' awards at DITF-23
  • Photo: PR
    BKMEA extends deal with CSL Software to bring knit workers under biometric database
  • IFIC Bank opens sub-branch in Gazipur’s Pubail 
    IFIC Bank opens sub-branch in Gazipur’s Pubail 

Related News

  • Bangladesh Submarine Cable’s profit goes up 20% in Q2
  • Grameenphone’s profit shrinks 12% in 2022
  • Costly raw materials slash two Beximco firms’ profits
  • Industries panicked about continuing stresses on profitability
  • Taka devaluation erodes National Polymer profit by 94%

Features

An elderly couple's lonely battle to save Dhaka's trees

An elderly couple's lonely battle to save Dhaka's trees

21h | Panorama
Infographic: TBS

How to redirect inward remittances to formal channels

22h | Panorama
Photo: Bloomberg

How the 'madoffs of Manhattan' can unravel Gautam Adani's empire

21h | Panorama
Photo: Collected

Tips to incorporate sustainable construction

1d | Habitat

More Videos from TBS

Is Hathurusingha the most successful coach of Bangladesh?

Is Hathurusingha the most successful coach of Bangladesh?

11h | TBS SPORTS
Semiconductor, pharma should get more attention

Semiconductor, pharma should get more attention

13h | TBS Round Table
Dhali Al Mamun’s art depicts colonial impact

Dhali Al Mamun’s art depicts colonial impact

12h | TBS Stories
Jewel's humanitarian store

Jewel's humanitarian store

10h | TBS Stories

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Photo: Collected
Energy

8 Ctg power plants out of production

3
Photo: Saqlain Rizve
Bangladesh

Bangladeshi university students identified as problematic users of Facebook, internet: Study

4
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

5
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

6
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]