Kay & Que (Bangladesh) Limited, a publicly traded company, has registered a 376 per cent growth in profit in the first half (July-December) of the fiscal year 2023-24 due to merger with Multisourcing Limited.
According to its financial report published recently, the listed company earned net profits of Tk 85 lakh in the July-December period of the fiscal year 2024. It made a profit of only Tk 17 lakh during the corresponding period last fiscal year.
The company’s profit in the second quarter (October-December) of FY24 was Tk 81.58 lakh as compared to Tk 7 lakh in the same period of 2022.
The company says that it merged with Multisourcing Limited in August 2023. This has resulted in five months of revenue growth in the first six months of FY24.
However, Kay & Que benefited from the full merger in the second quarter, as a result of which the profit increased sharply in this quarter compared to the same period of the previous year.
In July, 2023, the securities regulator allowed Kay & Que Limited—a publicly listed CNG filling station which also sells stones—to merge with ICT firm Multisourcing Limited.
Under the scheme of amalgamation approved by the High Court, the Bangladesh Securities and Exchange Commission (BSEC) allowed Kay & Que to issue 17.1 lakh ordinary shares, only for the shareholders of Multisourcing, at Tk 10 each.
As a result, the listed CNG station's paid-up capital increased to Tk 6.86 crore from existing Tk 5.16 crore.
The listed firm’s half-yearly earnings per share in FY24 stood at Tk 1.24 against earnings per share of Tk 0.26 for the same period last year.
The company said Q2 earnings stand at Tk 1.19 and net profit at Tk 81 lakh after merger with Multisourcing Ltd. Consolidated EPS includes 5 months profit of IT Unit (Multisourcing Ltd.) from the period of 1st Aug 23- 31st Dec 23 from the date of acquisition and 2nd quarter profit of Kay & Que (BD) Ltd from the period of 1st Oct-23 to 31st Dec-23.
Net asset value (NAV) was Tk 90.66 after consolidation of Multisourcing Limited as on 31st July 2023 of the date of acquisition and NAV stands at Tk 91.72 as on 31st December 2023 because of profit impact since the period 1st August 2023 to 31st December 2023 for IT & Telecom Unit and the period of 1st October 2023 to 31st December 2023 for Kay & Que (BD) Ltd.
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.
