Publicly traded company, Doreen Power Generations and Systems Ltd, has posted significant growth in its earnings during the last fiscal year thanks to the inclusion of its new power plant in Chandpur.
Doreen Power reported earnings of Tk10.31 per share or Tk166.7 crore for the year ending June 30, 2022, growing by 42.6% in comparison to the earnings in the previous year.
The company made the announcement on Monday at the exchange website after holding a board meeting on Sunday.
Increased profits resulted from higher revenue from its existing two power plants in Nawabganj and Manikganj alongside the added revenue from the new power plant in Chandpur that started commercial operation on February 11 this year, said the statement.
Management of the independent power producer has also recommended a stock dividend of 12% to all shareholders and a cash dividend of 18% to the shareholders excluding sponsors/directors for the closing year.
However, the expected level of growth in earnings from the new plant was not reflected in the April-June quarter where the company achieved an earnings of Tk2.07 per share against Tk1.85 per share during the same period in the previous year.
According to an equity research analyst, increase in fuel prices in the international market may have impacted the profitability during the last quarter.
The company reported a negative net operating cash flow of Tk32.22 per share for the year citing high fuel prices and an increase in trade receivables for delay in payment of revenue bills by Bangladesh Power Development Board.
Record date for the cash dividend has been set on November 6.
Date for the annual general meeting has been fixed on December 18.
Doreen Power Generations and Systems Ltd was listed with the bourses in 2016.
