Economic crises drags down profits of 2 Pran concerns in Dec quarter
The net profit of two sister concerns of the Pran-RFL Group – Agricultural Marketing Company Ltd (AMCL) and Rangpur Foundry Ltd (RFL) – declined in the October to December quarter of the current fiscal year due to fuel price hikes and a decrease in their exports amid the global economic crises, according to the financial disclosure by the companies.
"The overall business is positive but our selling expenses significantly rose due to the increase in fuel prices. Besides, the export slowed down following the depreciation of the taka against foreign currencies, especially the dollar," said Kamruzzaman Kamal, marketing director of the Pran-Rfl Group.
AMCL-Pran
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The net profit of AMCL-Pran which produces various food items went down by 8.33% in the second quarter of the current fiscal year compared to the same period of the previous fiscal year.
Besides, the net profit stood at Tk1.54 crore, which was Tk1.68 crore one year ago.
During the period, its revenue was Tk76.08 crore, which was Tk73.56 crore from October to December 2021.
Its earnings per share stood at Tk1.92 and its net asset value per share was Tk87.26.
From July to December 2022, its local sales stood at Tk134.06 crore and export sales stood at Tk20.75 crore.
The company recommended a 32% cash dividend for its shareholders for 2022.
Until 31 December 2022, sponsors and directors jointly held 40.15%, institutions 16.28%, and the general investors 43.57% shares of the company.
The last trading price of each of its shares was Tk240 at the Dhaka Stock Exchange (DSE) on Sunday.
Rangpur Foundry
The net profit of Rangpur Foundry – a manufacturer of cast iron products – came down by 5.71% compared to the same period of the previous year.
From October to December 2022, the net profit stood at Tk.99 crore, which was Tk1.05 crore one year ago.
During the period, its revenue was Tk37.56 crore, which was Tk39.63 crore from October to December 2021.
Its earnings per share stood at Tk0.99 and its net asset value per share was Tk30.46.
From July to December 2022, its domestic sales stood at Tk76.47 crore and exports stood at Tk1.90 crore.
The company recommended a 23% cash dividend for its shareholders for 2022.
Until 31 December 2022, sponsors and directors jointly held 49.89%, institutions 16.66%, and the general investors 33.45% shares of the company.
The last trading price of each share of the company was Tk154.60 at the DSE on Sunday.
