Mir Akhter Ltd wins contract to dredge Old Brahmaputra

Mir Akhter Hossain Limited has won a contract to dredge the Old Brahmaputra River from the Bangladesh Inland Water Transport Authority (BIWTA).

The construction company disclosed this through the Dhaka Stock Exchange (DSE) today.

According to the company's statement, a joint venture between Mir Akhter and Confidence Infrastructure Limited obtained the dredging work under a BIWTA project for the improvement and restoration of navigability for the Old Brahmaputra, Dharala, Tulai, and Punarbhaba rivers.

Mir Akhter holds a 51% stake in the joint venture.

The total value of this project is Tk82.67 crore, with a project duration of 32 months.

Following this news, Mir Akhter shares rose by 1.94% to close at Tk36.70 yesterday at the DSE.

Mir Akhter has 33 projects worth Tk9,268 crore in hand, according to the company's annual report for the fiscal year 2022-23.

Some of the notable projects currently underway include the Dhaka-Sylhet national highway, the development of Shah Amanat International Airport, the construction of a bridge over the Paira River, and numerous road projects across the country.

In its FY23 annual report, the company stated that the construction sector is benefiting from an increase in capital allocation from the government's annual development budget. In April, Mir Akhter called an extraordinary general meeting on 25 June to secure shareholders' approval for issuing a bond worth Tk300 crore.

Meanwhile, Mir Akhter reported that its revenue fell by 14% to Tk166.87 crore in July-March of the fiscal year 2023-24.

During this period, its net profit rose by 20% to Tk18 crore compared to the same period a year ago.