United Power profits up 82% from July to March
The company, which got listed on local stock exchanges in 2015, bought a 99% stake of United Anwara Power and United Jamalpur Power
United Power Generation and Distribution Company has reported an 82% jump in net profit in the first nine months of the current fiscal year, riding on its acquisition of two power plants.
The company, which got listed on local stock exchanges in 2015, bought a 99% stake of United Anwara Power and United Jamalpur Power.
In the July-March period, United Power's consolidated net profit rose to Tk877.75 crore, from Tk482.97 crore for the same period in the previous fiscal year.
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Its earnings per share (EPS) stood at Tk14.83, which was Tk8.13 in the first three quarters of the previous fiscal year.
United Power posted a year-on-year 214% increase in profit after taxes, raising the amount to Tk1,097 crore, from Tk482.46 crore a year ago.
The EPS stood at Tk18.93, from Tk6.02 for the same period in the previous fiscal year.
In the January-March period, United Power posted a 99% rise in consolidated net profit to Tk316.40 crore, from Tk259.34 crore in the same period of the previous fiscal year.
The EPS stood at Tk5.33, up from Tk2.66 in the first quarter of 2020.
The separate profit of the company rose to Tk852.33 crore, from Tk110.05 crore in the previous year because of the interim dividend from subsidiaries.
The company attributed the major changes in consolidated EPS, net operating cash flows per share and net asset value from the same period of the previous year, to the inclusion of the nine month performance of United Anwara Power Plant and United Jamalpur Power.
It said, "The separate EPS and NAV have increased because of interim cash dividends received from subsidiary companies United Jamalpur Power and United Energy Limited."
United Power will get a Tk891 crore interim dividend from the two power plants.
Earlier, these companies already paid interim dividends of Tk742.5 crore for the first half of the fiscal year.
United Power, which has a paid-up capital of Tk579.69 crore, paid 145% cash and 10% stock dividends to its shareholders for fiscal year 2019-20.
As of March 2021, of its total shares, sponsors and directors held 90%, institutional, foreign, and general investors 7.19%, 0.04%, and 2.77% respectively.
