MJL Bangladesh posts 37% growth in Q2

MJL Bangladesh Limited, widely known as Mobil Bangladesh, posted a 37 per cent year-on-year surge in net profit in the October-December quarter of the fiscal year 2022-23.

The publicly traded company’s profit rose to Tk 60.09 crore in the second quarter of FY23 which was Tk 45.56 crore in the corresponding period last fiscal, according to a Dhaka Stock Exchange (DSE) filing posted on Tuesday.

The petroleum supplier displayed a strong corporate performance riding on the growing consumer base as well as its solid business strategies.

The company’s consolidated earnings per share (EPS) stood Tk 2.05 for the October-December quarter of FY23 against Tk 1.50 for the same quarter last fiscal.

The company also showcased an impressive growth in the first quarter of the fiscal year 2022-23.

It had consolidated earnings per share (EPS) of Tk 4.16 at the end of the Q1 of FY23, up from Tk 3.37 for Q1 of FY22.

The company, jointly owned by state-owned Jamuna Oil Company and EC Securities Limited, a subsidiary of East Coast Group, logged second quarterly revenue of Tk 748.39 crore, up from Tk 611.25 crore in the corresponding period the year before.

Its net asset value (NAV) per share slightly fell to Tk 39.72 till December 2022, against Tk 40.56 at the end of June 2022.

MJL Bangladesh Limited remains a strong player in the petroleum industry.

It enables itself to be one of the verified largest refiners and marketers of petroleum products, according to the company website.