State-run Titas Gas Transmission and Distribution Company's fixed assets have undergone a significant revaluation, jumping to Tk 4,862 crore. This represents a fivefold increase from the company's previously reported asset value.
The publicly traded company released its asset revaluation report on Monday through the Dhaka Stock Exchange (DSE) website.
The company's total fixed assets increased by Tk 3,904.24 crore and stood at Tk 4,862.60 crore. The increment was from Tk 958.35 crore as of June 30, 2023, according to the disclosure.
The report was submitted by ACNABIN Chartered Accountants and ZA Capital Advisory.
The amount was recorded as of June 30, 2023, and the company’s board of directors has recently approved the asset revaluation report.
Titas Gas General Manager Arpana Islam said, “The company owns a significant amount of fixed assets, including pieces of land and buildings.
“However, the assets were not re-evaluated for a long time. In order to revalue the assets, the company hired a valuer. The firm re-evaluated those assets at the current market price, resulting in a big jump in fixed assets,” she added.
During three quarters of the current fiscal year 2023–24, the company incurred a loss of Tk 165 crore. Titas Gas declared its earnings per share of Tk 2.14 in the negative for the third quarter of FY24, which was recorded at negative Tk 1.19 for the same quarter of the previous year.
During the first nine months of FY24, the company posted a loss of Tk 1.67 a share. Titas Gas paid a five per cent cash dividend to its shareholders for the year ended on June 30, 2023.
The gas distributor got listed with the Dhaka and Chattogram bourses in 2008 by offloading 25 per cent of its shares to the public. Currently, Petrobangla holds 75 per cent of Titas Gas.
The company transmits natural gas from the gas fields to different areas for power, fertiliser, industrial, commercial, captive power, feed gas for CNG, and domestic consumers.
Its share price increased by 1.45 per cent to Tk 21 per share on Monday at the Dhaka Stock Exchange.
