Listed power co. swells both profit and revenue


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Listed power co. swells both profit and revenue

Doreen Power Generations and Systems Limited posted a 126% higher profit relative to the same period of the previous fiscal year.
In the January-March quarter, the net profit of the company rose to Tk24.94 crore, which was Tk11.07 crore in the same period of the previous fiscal year.
Its revenue increased to Tk138.36 crore, from Tk81.23 crore in the same period of fiscal 2019-20.
The company said its consolidated earnings per share (EPS) have increased significantly in the third quarter, riding on significant growth in revenue at its two subsidiaries.
Furthermore, a significant decline in financing costs because of a reduction in outstanding loans and interest rates, has also played a vital role in increasing the group’s revenues and profits.
United Power Generation and Distribution Company Ltd (UPDGCL) has also reported a 100% higher profit during the same 3rd quarter period of the last fiscal.
During the period, the company’s revenues rose dramatically to Tk867.43 crore, which was Tk259.35 crore in the same period of fiscal 2019-20.
The net profit of United Power stood at Tk316.41 crore.
United Power Generation and Distribution Company said it had acquired 99% shares of United Anwara Power Limited (UAnPL) and United Jamalpur power Limited (UJPL) with effect from 1 July 2020. UAnPL is a 300MW power plant and UJPL is a 115MW power plant.
Tk891 crore cash dividends from the two subsidiaries have boosted United Power’s dividend income and earnings per share on a one-time basis.
“However, since the moneys come out of current profits and retained earnings of subsidiaries, already included in the consolidated financial statements of the listed company, the dividend income will not be added to the company’s consolidated profit and loss account and will not increase the consolidated EPS,” explained UPDGCL Company Secretary Badrul H Khan, a chartered accountant.
In the January-March 3rd quarter of the last fiscal and this calendar year, Khulna Power Company Limited also posted a 57% growth in profit.
The company said the KPC 40MW Noapara Plant and KPC Unit II 115MW Plant of Khulna Power Company Limited (KPCL) remained shut from 29 May 2021 as their Power Purchase Agreements (PPAs) expired on 1 June 2021.
The process of renewing the PPAs for the mentioned power plants is in progress, said the company.
In the January-March period, its revenues increased 22.12% compared to the same period of 2019-20. Its net profit was Tk41.89 crore.
Similarly, Shahjibazar Power Company showed profits of Tk26.10 crore, 32% higher than in the same period of the previous fiscal year.
Its revenue stood at Tk52.06 crore.
Baraka Power also posted a 26% higher profit, GBB Power 48%, Power Grid 42%, and Summit Power 10% in the third quarter of the current fiscal year.
The country’s power generation capacity is now around 25,000MW.
The demand for electricity fluctuates between 11,000 to 11,500 MW, going down to 7,500-8,000MW in the winter months



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