BGFCL books Tk 3.927b pre-tax profit in FY17
Our Correspondent | Monday, 12 February 2018
BRAHMANBARIA, Feb 11: The Bangladesh Gas Fields Company Limited (BGFCL) earned over Tk 3.927 billion (Tk 392.78 crore) pre-tax profit in the fiscal year 2016-2017.
Nazimuddin Chowdhury, BGFCL Chairman and Secretary of the Energy and Mineral Resources Division disclosed this while presiding over the 62nd Annual General Meeting (AGM) of the company at the BGFCL Head Office at Birashar here recently.
He said the company's gross revenue income stood at Tk 37.2924 billion (Tk 3,729.24 crore) and booked a pre-tax profit of Tk 3.9278 billion (Tk 392.78 crore) in the last financial year.
The company paid over Tk 32.251 billion (Tk 3,225.17 crore) to the national exchequer in the form of SD and VAT, DSL, Dividend and AIT at source in the fiscal year, he mentioned.
Considering its financial contribution to the national exchequer, the National Board of Revenue (NBR) has rewarded BGFCL for third time as the highest Value Added Tax (VAT) paying company of the country for the fiscal year 2015-2016, the meeting was told.
In the current fiscal year (FY18), the BGFCL has carried out various development projects on ADB, GOB and JICA financing for drilling of new wells, workover/recompletion of existing wells and installation of compressors. Under these projects, drilling of a gas well at Bakhrabad field, drilling of four appraisal-cum-development wells at Titas Field and 'workover' of six wells have been completed and the company has been able to add 92 MMCF of gas in the national grid.
Besides, the booster compressors have been installed at Bakhrabad gas field in order to continue uninterrupted gas supply from this field. At present, projects for 'workover' of seven wells at different fields and installation of compressor at Titas Location 'C' and Narsindi gas field and at Titas Location-A is in progress.
The BGFCL chairman said: "Being associated with the goal of the government to turn Bangladesh a developed country, we must work hard and have to face all the challenges with courage and skill."
It is expected that the company can enormously contribute to the national development if it becomes self-reliant and financially solvent equipped with proper training and technology, he added.
BGFCL is the largest state-owned gas producing company. The company has an important role to meet the country's energy needs by producing natural gas and processing its by-product condensate into diesel and petrol.