The share price of Bangladesh Shipping Corporation (BSC) — a state-owned ocean-going vessel management company – has almost doubled in the last one month.
Its share price was Tk95.1 each on Wednesday, which was Tk47.4 in the previous trading session.
In the last nine trading sessions, the company's share price jumped by 92% from Tk49.4 on 23 December, 2021 to Tk95.1 yesterday, according to the Dhaka Stock Exchange (DSE) data.
On Wednesday, its share price rose by 9.94% compared to the previous day.
Investors flocked to buy the shipping corporation's shares as it reported a good profit in FY21 as well as in the first quarter of the current fiscal.
Recently, the board of the company has approved a 12% cash dividend for FY21. It also reported a 73.67% increase in profit in that fiscal year compared to the previous one due to an increase in shipping rate and a decrease in operation costs.
The company's share price has been rising continuously since it made the disclosure.
According to its financial report, BSC has reported the highest profit in FY21 in the last six fiscals.
The company's profit was Tk71.99 crore in FY21, which was Tk41.46 crore in the previous one.
In the first quarter of the current fiscal year, the corporation has reported a 648% increase in profit compared to the same time of the previous fiscal.
Bangladesh Shipping Corporation went into commercial operation in February 1972 and got listed on the DSE in 1977.
The government-owned organisation raised Tk313.7 crore through a repeat public offering (RPO) in 2011 to buy a mother vessel and a cargo ship.
At present, the corporation has eight ocean-going ships – six new ships and two lighterage tankers – in its fleet. Considered commercially unprofitable due to old age, 36 of the company's ships have been sold.
Till 30 November, 2021, the government held 52.1%, institutional investors 24.3%, and general investors 23.6% shares of the corporation.