Home ›› 23 Jan 2023 ›› Stock
Kay & Que (Bangladesh) Limited, a publicly traded company, registered a 62 per cent stellar growth in profit in the first half (July-December) of the current fiscal year.
The company is very fortunate because it posted a staggering year-on-year profit rise at a crucial time when many other companies were facing headwinds to survive.
The listed company, according to its H1 financial report published Sunday, reported Tk 13.38 lakh in net profit in the July-December period of the current fiscal year from a profit of Tk 8.23 lakh in the corresponding period last fiscal year.
Despite the overall earnings increase in the first half, the company could not perform better in the second quarter (October-December) of the fiscal.
The listed company was now mulling introducing other businesses alongside the current ones to keep its earnings stable in the years to come.
The company reported a net profit of Tk 5.66 lakh in the second quarter of FY23, the same profit recorded in the corresponding period last year as well.
The company’s earnings per share stood at Tk 0.11 for the second quarter of FY23, which was also the same for the same period last year.
Sayed Ahmad, company secretary of Kay & Que (Bangladesh) Ltd told The Business Post, “The global economic volatility also affected our business on a large scale, lowering our profits. As a result, our second quarterly profit was flat compared to the same period last year.”
“On a six-month basis, our overall performance was comparatively good. But we are now fearing fresh blows because of the recent gas price hike which is likely to harm our profitability on a massive scale in the coming quarters.”
Sayed Ahmad said the company from the next month would start selling Octen and Pretrol along with the existing CNG business.
Government approval has already been obtained, he said adding that alternative investments were being considered aiming to overcome the impacts of the ongoing global economic uncertainty.
The company in the last financial year (FY22) earned Tk 6.62 crore from CNG business, compared to Tk 7.71 crore in the previous year.
Besides, its income from the sand and stone business was recorded at Tk 3.06 crore in FY22 against the income of Tk 3.53 crore in the previous year.
The listed firm’s half-yearly earnings per share in FY23 stood at Tk 0.26 against a loss per share of Tk 0.16 for the same period last year.
Its net cash flow per share (NOCFPS) stood at Tk 1.21 negative for the July-December period of 2022 against Tk 0.16 for the July-December of 2021.
The net cash flow per share decreased significantly due to an insufficient cash collection against sales, according to the company’s latest financial report.
Its net asset value (NAV) per share stood at Tk 74.17 as on December 2022 which was Tk 75.64 as on June same year.
Kay & Que shares traded at Tk 247.8 per share on Sunday on the DSE trading floor which was 7 per cent lower than that of a month ago.
The multimode group is currently operating a CNG filling station in its factory premises. Besides, it is also involved in selling stones after importing them from neighbouring Bhutan and India.
The company also said on Sunday that the scheme of amalgamation of MultiSourcing Limited (the transferor company) with Kay & Que (Bangladesh) Limited (the transferee company) was approved on October 17, 2018, by the shareholders and creditors in their respective extraordinary general meeting (EGM) and creditors meeting.
The company made a profit of Tk 29 lakh in FY22, but it did not recommend any dividends to its shareholders.
The market regulator also asked the company to raise its paid-up capital to Tk 30 crore from the existing Tk 4.90 crore.
