Summit's profit jumps on increased generation
Friday, 30 April 2010
Monira Munni
The country's largest private power company Summit's net profit jumped to 52 per cent in 2009 as its generation doubled due to increased demand and better management, the firm said Thursday.
Summit Power Limited made a net profit of Tk 698.52 million, up from Tk460.21 million in 2008, making it the country's most profitable electricity generation firm.
The company said the profit was boosted by enhanced output, as its electricity generation climbed to 215 megawatt in 2009 -- or around five per cent of the country's average daily production - from 105 megawatt in 2008.
"Our company is perhaps the best run organisation in Bangladesh and is prepared to take on the responsibility of implementing much larger power plants," chairman Muhammed Aziz Khan told the 13th annual general meeting of the company in the city.
The company approved 25 per cent stock dividend for its shareholders for the year to December 31, 2009. The shareholders will get one bonus share of Tk 100 each for four shares.
The company gross profit soared to Tk 1510.03 million in 2009, more than 90 per cent higher than the previous year, Khan said, adding Summit's outlook for 2010 also looks rosy due to increased production.
SPL, part of the Group bearing its name, is the first local Independent Power Producer (IPP) in Bangladesh. To date, it is the only privately-controlled local public limited company in the power generation sector. It sells electricity to state-owned power distributor.
SPL was established in 2001 commissioning three power plants at Savar, Comilla and Narsingdi, each with a capacity of 11mw. It supplied the electricity to the Rural Electrification Board (REB).
Last year the company set up four more power plants with a combined capacity of 110 MW through its two subsidiary companies -- Summit Uttaranchal Power Company Limited (SUPCL) and Summit Purbanchal Power Company Limited (SPPCL).
Khan said the company has unveiled an ambitious plan to expand its generation capacity to 1000 mw, which will enable it to supply one-fifth of the national electricity demand.
"We are confident that we can achieve our dream. Already, we have the capacity and professional expertise to execute much larger power projects," he told a gathering of 8000 shareholders at the Bangabandhu International Conference Center.
Vice Chairman Md Latif Khan, Managing Director Tauhidul Islam, Directors Anjuman Aziz Khan, Md Farid Khan, Ayesha Aziz Khan, Jafer Ummeed Khan, Syed Fazlul Haque, Abbas Uddin Ahmed, Helal Uddin Ahmed and Faisal Karim Khan of the company, along with the share holders, were present in the meeting.
The country's largest private power company Summit's net profit jumped to 52 per cent in 2009 as its generation doubled due to increased demand and better management, the firm said Thursday.
Summit Power Limited made a net profit of Tk 698.52 million, up from Tk460.21 million in 2008, making it the country's most profitable electricity generation firm.
The company said the profit was boosted by enhanced output, as its electricity generation climbed to 215 megawatt in 2009 -- or around five per cent of the country's average daily production - from 105 megawatt in 2008.
"Our company is perhaps the best run organisation in Bangladesh and is prepared to take on the responsibility of implementing much larger power plants," chairman Muhammed Aziz Khan told the 13th annual general meeting of the company in the city.
The company approved 25 per cent stock dividend for its shareholders for the year to December 31, 2009. The shareholders will get one bonus share of Tk 100 each for four shares.
The company gross profit soared to Tk 1510.03 million in 2009, more than 90 per cent higher than the previous year, Khan said, adding Summit's outlook for 2010 also looks rosy due to increased production.
SPL, part of the Group bearing its name, is the first local Independent Power Producer (IPP) in Bangladesh. To date, it is the only privately-controlled local public limited company in the power generation sector. It sells electricity to state-owned power distributor.
SPL was established in 2001 commissioning three power plants at Savar, Comilla and Narsingdi, each with a capacity of 11mw. It supplied the electricity to the Rural Electrification Board (REB).
Last year the company set up four more power plants with a combined capacity of 110 MW through its two subsidiary companies -- Summit Uttaranchal Power Company Limited (SUPCL) and Summit Purbanchal Power Company Limited (SPPCL).
Khan said the company has unveiled an ambitious plan to expand its generation capacity to 1000 mw, which will enable it to supply one-fifth of the national electricity demand.
"We are confident that we can achieve our dream. Already, we have the capacity and professional expertise to execute much larger power projects," he told a gathering of 8000 shareholders at the Bangabandhu International Conference Center.
Vice Chairman Md Latif Khan, Managing Director Tauhidul Islam, Directors Anjuman Aziz Khan, Md Farid Khan, Ayesha Aziz Khan, Jafer Ummeed Khan, Syed Fazlul Haque, Abbas Uddin Ahmed, Helal Uddin Ahmed and Faisal Karim Khan of the company, along with the share holders, were present in the meeting.