Shipping Corporation sees 9pc profit growth in FY23

The state-run Bangladesh Shipping Corporation (BSC) has maintained a steady growth in profit for the last three fiscal years, with a 9 per cent rise in income to Tk 2.46 billion in FY23.
Though the company suffered a slight dent in profit in the first quarter through September last year, it quickly regained strength to steer the business back to the profit growth in Q2 and Q3, according to an earnings disclosure on the website of the Dhaka Stock Exchange (DSE).
In FY21, the company reported a steep growth of 74 per cent year-on-year to Tk 720.21 million. The profit got accelerated at 213 per cent to Tk 2.26 billion in FY22.
The Corporation's net asset value (NAV) per share rose to Tk 86.67 for FY23 from Tk 72.52 reported for FY22.
Its net operating cash flow per share, however, declined to Tk 22.62 for FY23 from Tk 23.87 for the previous fiscal year.
In the earnings disclosure for FY23, the company did not mention the factors that played a role behind the profit growth and the decline in the operating cash flow.
Company representatives also could not be reached for comments despite repeated attempts.
The board of directors recommended 25 per cent cash dividend for FY23, up from 20 per cent for FY22.
In December 2022, BEXIMCO purchased a 5.25 per cent stake in the BSC at an expense of around Tk 1.18 billion to enhance its profit by diversifying its investment portfolio.
The market price of the BSC exhibited volatility over the last one year on the DSE.
The price peaked at Tk 150.6 on November 6 and later declined to 109.60 on December 27, 2022.
After reaching Tk 145.90 on February 7 this year, the company's share price has been in a downward trend and finally closed at Tk 111 on Monday, with a loss of 3.56 per cent from the previous session.

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