B Mirror Report :  The auditor of listed energy sector company Intraco Refuelling Station PLC has expressed doubts over the ability of two of its subsidiary companies to continue as going concerns. The concern was raised in the company’s financial statements for the year ended 2024–25, as both subsidiaries have remained non-operational.

The audit of Intraco Refuelling Station’s 2024–25 financial statements was conducted by Md Ragib Ahsan, managing partner of Ahsan Manzur & Company, Chartered Accountants. The same auditor also reviewed the financial statements of Intraco’s subsidiaries—Absar & Elias Enterprises Limited and Intraco Automobiles Limited—and highlighted uncertainty regarding their sustainability.

Intraco Refuelling Station holds a 95% stake in Absar & Elias Enterprises Limited. Operations at the subsidiary have remained suspended since 2 September 2024 due to damage to key equipment, resulting in a loss of Tk 5.6 million in the most recently completed financial year. Acknowledging the auditor’s concern, the parent company’s management said initiatives have been taken to import the required equipment to resume operations.

Intraco Refuelling Station also owns 95% of Intraco Automobiles Limited. The subsidiary has been closed since the first week of March 2025 after the expiry of its lease agreement with the landowner. In February last year, the board of the listed company decided to transfer the investment in this subsidiary to an open non-pipeline gas line unit.

According to the unaudited financial statements, Intraco Refuelling Station posted earnings per share (EPS) of Tk 0.21 in the first quarter (July–September) of the 2025–26 financial year, down from Tk 0.26 in the same quarter of the previous year. As of 30 September 2025, the company’s net asset value per share (NAVPS) stood at Tk 13.45.

For the financial year ended 2024–25, the board declared a 1.25% cash dividend for general shareholders, excluding sponsor-directors. EPS for the year was Tk 0.86, slightly lower than Tk 0.88 in the previous year, while NAVPS stood at Tk 13.24 as of 30 June 2025.

In the 2023–24 financial year, the company paid a 1% cash dividend to general shareholders, excluding sponsor-directors. EPS that year was Tk 0.88, compared to Tk 1.29 in the preceding year.

Intraco Refuelling Station was listed on the capital market in 2018. The company has an authorised capital of Tk 1.5 billion and paid-up capital of Tk 982.33 million, with reserves amounting to Tk 328.6 million. The total number of shares stands at 982,327,750. Of these, sponsor-directors hold 30.06%, institutional investors 22.92%, foreign investors 0.04%, and general investors the remaining 48.98%.