BSC earns Tk41.47cr net profit in FY20

The Bangladesh Shipping Corporation (BSC) earned Tk41.47 crore in net profit in the 2019-20 financial year, reported at the annual general meeting (AGM) of the state-owned institution held on Wednesday.

The corporation has decided to provide a 10% cash dividend to its shareholders depending on the profit.

The AGM was held at the BSC Tower in the capital.

The annual report of the BSC shows that the corporation earned around Tk322 crore last fiscal year, while its expenditure was around Tk245 crore.

Expressing satisfaction over the profit that the BSC earned in FY20, State Minister for Shipping Khalid Mahmud Chowdhury, who chaired the meeting, said, "It is great that the BSC has been able to earn over Tk322 crore despite the fact that the global economic activities have come to a standstill due to Covid-19."

The BSC is moving forward and will be able to grab a position at the international level very soon, he maintained, adding the government, therefore, has taken various steps for the development of the corporation.

"In the meantime, six new ships have been added to the BSC fleet and work is underway to procure eight more", he continued.

The minister also said that the government has taken steps to set up several coal-based power projects for the overall development of the power sector and has decided to import liquefied natural gas (LNG) to alleviate the country's energy crisis. 

Apart from transporting refined and crude oil of the Bangladesh Petroleum Corporation (BPC), coal and LNG, plans have been made to procure ships of different sizes and types considering the needs and financial viability of the country, he stated. 

 "Furthermore, Bangladesh Flag Vessels (Protection) Bill, 2019 has been passed in the National Assembly.  As a result, BSC will be given priority in sea transport for import and export of government goods," he mentioned.