Queen South to invest Tk 4cr to install solar facility

The Queen South Textile Mills is all set to invest Tk 4.62 crore to install a photovoltaic solar system in its factory.

The solar system is expected to produce 65,280 KWH electricity per month, the publicly trading company said in a filing with the Dhaka Stock Exchange on Sunday.

It also noted that the company would add Tk 74 lakh more to its net profit thanks to the facility, which will directly impact its profitability.

The textile company’s board of directors approved the investment in a meeting held recently, added the disclosure.

Earlier, the company declared to invest Tk 4.2 crore in its new fibre dyeing factory, with a view to achieving its target to add Tk 45 lakh more profit to the existing figure.

Upon completion of the new project, Queen South expects to gain a Tk 4.5 crore hike in its monthly revenue and Tk 45 lakh in monthly profit.

The company registered a net profit of Tk 11.58 crore for July-March period of the financial year 2020-21, up by 13 per cent from that of the corresponding period in the previous year.