Doreen Power posts 42.6pc profit growth

Doreen Power Genera-tions and Systems posted an increase of 42.6 per cent in its net profit for the year ended in June 2022, thanks to higher revenue earnings from its subsidiaries.
In a filing with Dhaka Stock Exchange (DSE) on Monday, the company said its consolidated earnings per share (EPS) rose to Tk 10.31 for the year ended on June 30, 2022, up by a whopping 42.60 per cent from Tk 7.23 in the corresponding period of the previous year.
The company's net profit stood at Tk 1.67 billion for the year ended in June 2022 as against Tk 1.17 billion in the same period of the previous year.
The consolidated EPS increased significantly due to significant increase in revenue and net profit of its two subsidiaries -- Dhaka Southern Power Generations Ltd. and Dhaka Northern Power Generations Ltd, said the company.
Besides, the revenue and net profit of another subsidiary -- Chandpur Power Generation, which started commercial operation on February 11, 2022, also contributed to higher profit, the company said.
The power generation company has also reported consolidated net asset value (NAV) per share of Tk 53.15 with revaluation for the year ended on June 30, 2022 as against Tk 43.22 for the same period of the previous year.
The consolidated net operating cash flow per share (NOCFPS), however, stood at Tk 32.22 in the negative as against Tk 5.77 in the previous year.
The consolidated NOCFPS dropped because of a significant increase in trade receivable for delay in payment of revenue bills by Bangladesh Power Development Board and also a significant increase in closing inventory value for fuel price surge in the international market, according to the company.
The board of directors of the company has recommended a 12 per cent stock dividend for all shareholders and 18 per cent cash dividend for shareholders excluding the sponsors or directors for the year ended June 30, 2022.
The sponsors or directors hold 107.71 million shares, out of total 161.71 million shares, and the amount of cash dividend to be payable to the general shareholders is Tk 97.20 million.
The annual general meeting (AGM) of the company will be held on December 18 at 11:00am through a digital platform. The record date is set on November 6.
Each share of the company, listed on the DSE in 2016, closed at Tk 74.30 on Monday, losing 1.07 per cent over the previous day.
Doreen Power disbursed 13 per cent cash and 12 per cent stock dividend in 2021.

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