Home ›› 02 Mar 2022 ›› Stock
Saif Powertec has signed a vessel charter agreement with a UAE-based company, which will increase its revenue to Tk 1,232 crore per annum and profit around Tk 124 crore.
The agreement has been signed between Safeen Feeders, a UAE-based container feeder services company, and Saif United Shipping and Trading, a subsidiary of Saif Powetec, said the company in a filing with the Dhaka Stock Exchange on Tuesday.
Under the agreement, Saif Powertec will charter eight ocean-going bulk carriers with 55,000 DWT (Deadweight Tonnage) from Safeen Feeder for the next 15 years. The vessels will carry dry bulk cargoes from Fujairah port in the UAE to Chattogram port for SaifPowertec.
The company can also operate those vessels for other international destinations.
The cargo freight revenue per vessel is estimated to be $ 18 million per annum which is equivalent to Tk 154 crore (approximately) and net profit amounts to $ 1.8 million equivalent to Tk 15.48 crore (approximately) per year per vessel for 15 years.
As per the information, SaifPowetec’s revenue will increase Tk 18,480 crore and net profit around Tk 1,858 crore for the period.
The company also mentioned that SaifPowetec will perform charter services for those vessels as per the terms set out in its schedule.
Saif Powe tec posted Tk 62.63 crore profit for the last financial year, which was 61.37 per cent higher than that of the previous fiscal.
The company’s long-term bank loans increased 88 per cent in the last fiscal year compared to that a year ago.
It has around Tk 677 crore long-term loans from banks and NBFIS for FY21, which amounted to Tk 359 crore in FY20.
The company has been registered and transformed to a Private Limited Company in 2003. Earlier it was SaifPowertec Corporation.
On the DSE, The company’s share price declined 3.68 per cent to Tk 39.30 on Tuesday.
The market capitalisation of the company is Tk 1,547 crore and its paid-up capital is Tk 379 crore. The company has Tk 135 crore surplus reserves.
