Trade deficit hits all-time high
Bangladesh’s trade deficit hit an all-time high of $22.27 billion last fiscal year due to a rise in commodity prices in the global market. In fiscal 2019-20, this trade gap, which occurs when imports outweigh exports, swelled 27.66 per cent year-on-year to stand at $17.85 billion, showed data from Bangladesh Bank.Economists however assured that the record deficit would not have any adverse impact on the economy as the country’s foreign exchange reserve was now in a good condition. In addition, exports went up in fiscal 2020-21, which pushed up imports as well. Last fiscal year, imports increased 12.55 per cent year-on-year to $60.68 billion while exports 15.38 per cent to $37.88 billion.Export earnings from the garment sector increased 12.55 per cent year-on-year to $31.45 billion last fiscal year.The import cost of petroleum products stood at $8.98 billion in FY21, up 67.71 per cent year-on-year.Bangladesh counted $850.9 million in rice import costs last fiscal year in contrast to $21.5 million a year ago.The foreign exchange reserve stood at $46.39 billion as of June, up 28.73 per cent year-on-year. Remittance grew 36.11 per cent year-on-year to $24.77 billion last fiscal year.The country’s economy tried to make a turnaround last year before the pandemic’s second wave came about, Rahman said. This has had a good reflection on the major indicators of the balance of payments – trade deficit, exports, imports and so on. He, however, said commodity prices in the global market had gone up, which was another cause for the record deficit.The import cost of petroleum products stood at $8.98 billion in FY21, up 67.71 per cent year-on-year. The country also imported a huge amount of food grain to offset local shortages. Bangladesh counted $850.9 million in rice import costs last fiscal year in contrast to $21.5 million a year ago.
Al-Arafah bank gets new chairman, vice-chairman
Al-Arafah Islami Bank (AIBL) has recently witnessed the election of a chairman and vice-chairman. Salim Rahman, who is the managing director of industrial conglomerate KDS Group, has been elected as chairman. AIBL eleected Abu Naser Mohammad Yeahea as its vice chairman. Yeahea is chairman and managing director of Purbachal Steel Mills, proprietor of Purbachal Gas Filling Station and director of AIBL Capital Market Services and Intech.
Berger Paints Bangladesh’s EPS jumps 594pc in Apr-Jun
Berger Paints Bangladesh has posted an impressive 594 per cent increase in its first quarter (Q1) profit compared to the same quarter last year thanks to higher revenue and reduction of corporate tax rate. The leading paints maker has reported consolidated revenue of Tk 5.25 billion for the first quarter ended on June 30, 2021 as against revenue of Tk 2.08 billion in the same period of the previous year. The multinational company has also reported net profit of Tk 746.21 million in April-June, 2021 quarter, as against Tk 107.58 million in the same quarter a year earlier. In a filing with Dhaka Stock Exchange (DSE) on Tuesday, the company said its consolidated earnings per share (EPS) increased to Tk 16.09 for April-June, 2021, up by a whopping 594 per cent, from Tk 2.32 in the corresponding period. The company has also reported its consolidated net operating cash flow per share (NOCFPS) of Tk 1.24 for April-June 2021 as against negative Tk 10.34 for April-June 2020.Berger Paints has recommended a 375 per cent cash dividend for the year ended on March 31, 2021. The annual general meeting will be held on October 6. In 2020, the company provided a 295 per cent cash dividend. The company’s paid-up capital is Tk 463.78 million and authorised capital is Tk 1.0 billion, while the total number of securities is 46.37 million.