Navana CNG’s profit plummets by 27% in H1

Navana CNG Limited, a leading CNG service provider in the country, reported a 27 per cent year-on-year plunge in profit in the July-December half of the fiscal year 2022-23.

The company’s net profit fell to Tk 0.60 crore in the first half of FY23 against the H1 profit of Tk 0.83 crore in FY22. With this downsizing profit, the company registered the lowest H1 profit over four years.

The company’s earnings per share (EPS) stood at Tk 0.08 in H1 of the current fiscal year against EPS of Tk 0.11 in the same period last fiscal.

Nafis Ahmed, company secretary of Navana CNG Limited told The Business Post that the problems they faced in the first quarter had been in place in the second quarter as well, plunging the overall half yearly profit on a large scale.  This company official blamed the soaring import costs and dollar crisis for its negative business growth.

The company’s consolidated net operating cash flow per share (NOCFPS) stood at Tk 0.69 for the July-December half of FY23 which was Tk 0.02 for the first half of FY22.

Its consolidated net asset value (NAV) per share stood at Tk 32.78 as on December 2022 which was Tk 33.49 till June same year.

Navana CNG Limited, a subsidiary of Navana Group, is a leading CNG service provider in Bangladesh. It currently operates 19 CNG refueling stations and 8 CNG conversion workshops across the country.

According to the company’s profile, it is the sole distributor of Landirenzo, an Italian manufacturer of CNG and LPG conversion kits.

It has also set up a modern CNG cylinder re-testing centre in collaboration with Argentina-based Airblast SA.

Navana’s wide array of businesses includes CNG/LPG cylinders, batteries, generators, safety equipment, industrial products like petroleum, logistics, building products, and many other businesses and services. Navana CNG Limited got listed on the Dhaka and Chittagong stock exchanges back in 2009.

With an authorised capital of Tk 150 crore, the company has a paid-up capital base of Tk 75.53 crore.

Sponsor-directors owned a 42.49 per cent stake in the company, while institutional investors held 26.39 per cent and the general public 31.12 per cent till December 2022, according to the DSE data.