United Power gains by profit hike in subsidiary companies
The company’s after-tax profit in 2018-19 fiscal increased by 71 percent over the previous fiscal
United Power Generation and Distribution Company Limited’s (UPGDCL) profit in the last fiscal increased significantly in consequence of significant increase in net profits of its subsidiary companies.
The company’s after-tax profit in 2018-19 fiscal increased by 71 percent over the previous fiscal. The company has also announced a record dividend of 140 percent for its investors.
According to the financial report of the company, in the last fiscal United Power achieved a net profit of 785 crore 50 lakh taka, while in 2017-18 fiscal the company’s net profit stood at Tk460 crore.
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Subsidiary companies of UPGDCL came up with an aggregate net revenue of Tk1, 125 crore last year against a net revenue of Tk647 crore from its parent company.
Presently, UPGDCL has Ashuganj Power Company Limited under United Energy, United Mymensingh Power, United Jamalpur Power, and United Anowar Power Plant as its subsidiary companies.
The parent company also acquired three lakh or 75 percent shares of Leviathan Global BD Limited, which was under United Enterprise and Company, a subsidiary company of UPGDCL.
United Power’s Chief Financial Officer (CFO) Md Ebadat Hossain told The Business Standard that the United Power’s financial base augmented significantly as a result of acquisition of new companies. “The investors will benefit from it, as these companies were acquired by paying a nominal price,” he said.
At the meeting of the Board of Directors of the company, 140 percent dividend for the shareholders of the company was announced for 2018-19 fiscal. Of the 140 percent dividend, 130 percent is cash dividend, the rest being bonus dividend.
At the end of last fiscal, the company’s Earnings per Share (EPS) reached Tk16.8, a significant increase from Tk11.51 in 2017-18 fiscal.
The Annual General Meeting (AGM) of the Company to gain approval of the shareholders regarding dividend issue, disclose the company’s financial report, among other things, will be held on November 5. September 8 has been fixed as the record date.
