Summit Power Ltd (SPL) has reported a remarkable profit of Tk 441.64 crore during the July-March period of the ongoing fiscal year 2023-24, marking a substantial 49 percent increase compared to the same period last year, despite facing a decline in revenue.
According to its unaudited financial statement, the private power generation giant achieved a profit of Tk 296 crore in the corresponding period of FY23.
Although SPL witnessed a 35 percent decrease in revenue to Tk 3,029.51 crore in FY24, with raw material purchases constituting 77 percent of total revenue compared to 88 percent in FY23, the company managed to turn a profit.
Read more: GPH Ispat reports Tk 64 crore profit in Q3
Earnings per share (EPS) for the nine-month period grew to Tk 2.40, up from Tk 2.05 in FY23.
In the January-March quarter of FY24, SPL reported a profit of Tk 135.55 crore, a significant turnaround from the loss of Tk 12.43 crore in the same quarter of the previous fiscal year. However, revenue in the January-March period of FY24 decreased by 47 percent to Tk 819.74 crore, down from Tk 1,556.75 crore in FY23.
Read more: Faisal Khan new Managing Director of Summit Corporation
After experiencing a 46 percent decline in profit, SPL offered a 10 percent cash dividend in FY23, marking the lowest dividend since the company’s listing with the stock exchanges.
In FY23, the company reported a profit of Tk 221 crore compared to Tk 413.24 crore in the same period of FY22.
Shares of Summit Power Limited closed at Tk 22.80 on the Dhaka Stock Exchange yesterday, reflecting a 1.79 percent increase from the previous day.
