BBS Cables – the second-largest cable manufacturer in the country – will supply cables for the Bangabandhu Sheikh Mujibur Rahman Tunnel under the Karnaphuli River in Chattogram.
To this end, the company has signed an agreement with China Communications Construction Company Ltd – the foreign firm constructing the country's first underwater expressway tunnel.
BBS Cables will supply cables amounting to Tk47.25 crore. The materials will be delivered within ninety days from the date of signing.
Up to 40% of the revenue of BBS Cables comes from the sale of products to government companies and the rest to corporations and retailers.
In the January-March quarter of 2022, its revenue fell 12% to Tk114 crore, and net profit 37% to Tk13 crore compared to the same period of the previous fiscal year.
Despite the fall in revenue, its sales and distribution expenses surged 75% to Tk7.73 crore, up from Tk4.41 crore in the January-March quarter of 2021.
BBS Cables got listed on the capital market in 2017. In fiscal 2020-21, the company paid a 15% dividend – 10% in cash and 5% in bonus – to its shareholders.
As of 30 April 2022, sponsors and directors jointly held 30.90%, institutions 21.18%, foreign investors 0.42, and the general public 47.42% shares in the company.
The last trading price for each of its shares on the Dhaka Stock Exchange was Tk56.80 on Tuesday.