GBB Power posts 40% profit growth

GBB POWER FINANCIALS

• H1 revenue increased 26% in FY21, compared to previous year's H1
• GBB sold electricity worth Tk33.26 crore in H1 FY21
• EPS stood at Tk0.77

GBB Power Ltd, which is listed in the Fuel & Power category of the capital market, has clocked a 40% profit rise in the first half of the 2020-2021 fiscal year.

The company's revenue has increased by about 11%, compared to the corresponding period of the previous fiscal year. The company's revenue in the second quarter (October-December) increased by 26%, while profit surged by 170%.

According to GBB Power, their energy sales were higher in H1 than the previous year, while administrative, financial, and other costs were reduced.

The private electricity generation company supplies power to the national grid. The company builds power plants on build-own-operate basis and sells them to the Bangladesh Power Development Board (BPDB).

The company has been supplying a minimum of 21.03 MW electricity to BPDB's 33KV regional grid. GBB Power was incorporated in Bangladesh on 17 October 2006, while the company was listed on the stock exchanges in 2012.

The company made a profit of Tk11.55 crore in the 2019-2020 fiscal year.

According to GBB Power's financial report, the company sold electricity worth Tk33.26 crore in H1 of the 2020-2021 fiscal year, posting a profit of Tk7.87 crore. The earnings per share (EPS) has been Tk0.77.

The company had a revenue of Tk30.09 crore and a profit of Tk5.62 crore in the same period of last fiscal year, while the EPS was Tk0.55.

The financial statement shows both the company's revenue and profit increased in the fourth quarter. During this period, the total income of the company, profit, and EPS were Tk16.67 crore, Tk4.74 crore and Tk0.47 respectively.

During the corresponding period of the previous year, the total income, profit and  EPS were Tk13.22 crore, Tk1.75 crore and Tk0.17 respectively.