BSC’s net profit, revenue rise amid Covid-19 crisis

The state-run Bangladesh Shipping Corporation (BSC) posted Tk41.47 crore  net profit in the 2019-20 financial year, amid volatile market conditions due to the Covid-19 pandemic.

The company has also recommended the payment of 10 % cash dividend to its shareholders for the year ended 30 June 2020.

BSC Managing Director Commodore Sumon Mahmud Sabbir made the announcement at a meeting with journalists held at the BSC office on Tuesday, ahead of its upcoming Annual General Meeting (AGM).

He said the net profit of BSC was Tk17.51 crore in the 2018-19 financial year, compare to which BSC's net profit increased to Tk23.96 crore in the 2019-20 financial year.

He acknowledged the effort of all those associated with BSC in light of the improvement in its net income amid the Covid-19 crisis.  

The 43rd AGM of the company will be held online on the morning of 23 December.

During the event, BSC Managing Director Sumon Mahmud said the company's revenue earning was Tk322.84 crore in the 2019-20 financial year. Of this, Tk279.90 crore was earned from operating the company, while Tk42.94 crore from other sectors.

The total expenditure of the company was Tk245.36 crore. Of this, the operating cost was Tk177.73 crore, while the administrative and financial cost was Tk67.63 crore.

Currently the BSC has eight ships, including two lighterage tankers.

Taking into consideration the national demand, separate projects have been undertaken to procure two coal bulk-carriers, each with 80,000 dead-weight tonnes (DWT) capacity; 10 bulk carriers with 10-15,000 tonnes DWT capacity; to lightering from mother vessels; two crude oil mother-tankers; two oil tankers, six different sized LNG vessels; and four container vessels for feeder service.

However, BSC's managing director was unable to provide any specific timelines about when the new ships would be added to BSC's fleet.

Commodore Sumon Mahmud Sabbir alleged that owing to the tendency of government agencies to transport imported goods on their own initiative, BSC ships are not able to assist in this regard. The country's foreign exchange is being diverted to others and the development of the state-run company BSC is being impeded.

BSC Executive Director (Finance) Kazi Mohammad Shafiul Alam, Executive Director (Commerce) Dr Piyush Dutta, Executive Director (Technology) Mohammad Yusuf, General Manager (Administration) Ashraful Alam, BSC Secretary Khaled Mahmud, were, among others, present at the meeting.