The net profit of Bangladesh Export Import Company Ltd (Beximco) fell by a staggering 99.52 per cent in the first six months (July-December) of FY2023-24 due to disruptions in the international supply chain caused by the US dollar crisis, the Russia-Ukraine war, and the price hikes of gas and electricity.
The company registered a Tk 3.11 crore profit in the six months, which was Tk 658 crore in the same period of FY2022-23, according to its unaudited financial statement.
The publicly traded company also reported Tk 0.03 as earnings per share (EPS) during the July-December period, which was Tk 7.35 a year ago.
Beximco in the statement released on Monday said that revenue abnormally decreased due to a decline in exports and local demand. Meanwhile, the cost of revenue increased due to disruptions in the international supply chain caused by the US dollar crisis, the Russia-Ukraine war, and price hikes of gas and electricity.
Meanwhile, in the second quarter (October-December) of FY24, Beximco made a profit of Tk 73.88 crore. The amount was Tk 322 crore in the same quarter a year ago.
During that period, the company’s EPS was Tk 0.82. It was Tk 3.60 in the same period of the last fiscal year.
Beximco, the flagship company of the Beximco Group, reported a 43 per cent year-on-year decline in profit to Tk 710 crore for FY23.
The shrinking profit compelled the company to cut dividends sharply to 10 per cent in cash for FY23 from 30 per cent disbursed to shareholders for FY2021-22.
