Titas Gas posts 22.46% drop in net profit
The company earned a net profit of Tk360.08 crore in FY20, down by 22.46% from Tk464.41 crore earned in the previous year
Key financials:
- Tk360.08 crore net profit in FY20, Tk464.41 crore in FY19
- EPS stood at Tk3.64
- 26% cash dividend for the year ended on 30 June 2020
- NAV per share was Tk71.39
- Paid-up capital is Tk989.22 crore
The net profit of Titas Gas Transmission and Distribution Company Ltd dropped 22.46% in the fiscal year 2019-20 compared to the previous year.
The company earned a net profit of Tk360.08 crore in FY20, which was Tk464.41 crore in the previous year. The earnings per shares (EPS) of the company came down to Tk3.64 last year from Tk4.70 a year ago.
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Company sources said the company reduced the minimum charges at all consumer levels from 1 July last year and imposed a demand charge of Tk0.10 per cubic metre, causing a drop in the profit.
The Bangladesh Energy Regulatory Commission (BERC) has increased gas prices which came into effect on 1 July 2019. It also fixed the distribution charge of Titas Gas as Tk0.25 per cubic metre, which was Tk0.22 earlier.
Titas Gas recommended a 26% cash dividend to its shareholders for the year that ended on 30 June 2020.
According to the last audited report of Titas Gas, the company's long-term loans amounted to Tk258 crore and short-term loans Tk9 crore at the end of June 2019.
The company's net asset value per share stood at Tk71.39 in June this year.
The company's paid-up capital is Tk989.22 crore and the number of shares is 98.92 crore.
The government holds 75% of the company's shares, while institutional investors hold 14.80%, foreign investors 0.91%, and general investors hold the remaining 9.29% of its shares.
On Sunday, the closing price of each share of the company was Tk33.20 on the Dhaka Stock Exchange.
The 39th annual general meeting of Titas Gas is slated for 15 December this year.
The company was established in 1964 and got listed on the stock exchanges in 2008.
The objective of the company is to transmit gas from the gas fields to different areas to distribute the same to the consumers in power, fertiliser, industrial, commercial, captive power, feed gas for CNG, and domestic categories of its franchise areas.
