Sonali Bank’s profit hits 7-year high
Sonali Bank logged the highest net profit in seven years thanks to its deposits with different banks and massive drives to recover funds from loan defaulters. According to Bangladesh Bank data, the state-owned financial institution’s net profit rose 41.60 percent year-on-year to Tk 1,000 crore in 2018. As per General Manager of the Bank, of the total profit, more than 40 percent came from the investment in short-term deposits with different banks and the massive recovery drive aimed at loan defaulters also helped the bank improve the financial health. The liquidity crunch in private banks throughout 2017 opened up the opportunity for cash-rich Sonali to make some profits from the money market. According to the GM, the bank had an investment of more than Tk 53,000 crore in the market as of December.
BBS Cables posts steady revenue growth in 5 yrs
BBS Cables witnessed a steady growth in revenue earning, net profit and earnings per share in last five consecutive years through ‘effective cost management. For the year ended on June 30, 2018, the company has attained the highest revenue growth to Tk 6,588 million, registering an increase of more than 87 per cent over the previous year. The company’s net profit after tax also jumped 169 per cent to Tk 1114 million in FY 2018, from Tk 413 million in the previous year. The company’s total asset has increased nearly 16 per cent year-on-year in the FY 2017-18 due to addition of new fixed assets, according to company’s latest annual report. As per the MD of the company, this increase was driven by sales volume growth, smart pricing, increase market shares, effective cost management and productivity initiatives across the company. Recently, the company has enhanced its production capacity 37 per cent by installing new machinery which was purchased through initial public offering fund. The company started commercial operation from the new machinery on January 12, 2019.
Savings Tools sales cross FY target in 7 months as Jan amount hits record
Net sales of the state-sponsored saving certificates hit a new monthly high of Tk 6,002.85 crore in January with the total sales in seven months superseding the fiscal year’s target. As per the Finance Ministry Officials, with the rising sales of national savings tools, the government’s interest payment for the tools is also rising, surpassing its target. According to a Bangladesh Bank update, the sales of national saving certificates in January bettered previous high of Tk 5,400 crore recorded in June, 2017. The update also shows that the sales receipts in July-January of the current fiscal year 2018-19 stood at Tk 30,996.39 crore against the target of Tk 26,197 crore for the year ending in June. The high sales of saving certificates in January have been attributed to the hints of bringing about changes in saving certificates’ interest rates, creation of a database for preventing misuse and making Taxpayers’ Identification Number mandatory for purchases of the tools in future. The government launched savings certificates online database named ‘National Saving Certificates Online Management System’ in early February to check violation of limit of savings certificates and identify the investors.
Investors active to hit the jackpot
Around 220,766 new BO accounts were opened in the past seven months as investors were more confident in pouring funds into the primary market rather than the secondary one. Market analysts welcomed the new BO (beneficiary owner’s) account holders and suggested them to be cautious while investing in the market. According to a leading Broker, guaranteed profit through initial public offerings (IPOs) encouraged the investors to bet on primary shares and noted that although many BO accounts fell inactive during the period, the rising participation after the national elections is a good sign. To trade in the capital and apply for primary shares, an investor has to open a BO (beneficiary owner’s) account with the Central Depository Bangladesh Ltd (CDBL) through a depository participant, which is usually a stockbroker or a merchant bank. According to the CDBL, which preserves electronic data of all individual and institutional investors, the total number of BO accounts stands at 2,837,721 as on Thursday which was 2,616,945 in August 01, 2018. Of the total number of BO accounts right now, male investors own 2,071,164 accounts while female investors 753,592 and company 12,965 as of Thursday. There are currently 1,782,361 individual accounts, 1,042,395 joint accounts and 12,965 company accounts.
Tiger Steel making plant at Tk 200cr
Tiger Steel Bangladesh plans to open a new prefabricated steel manufacturing plant in April. The company has already spent Tk 20 crore on the factory being built on a 5.5-bigha land at Bhaluka in Mymensing. As per the MD of the Company, another Tk 180 crore will be invested in the next two years and they have already imported necessary equipment and capital machinery from Korea and China and now the installation work is going on. A prefabricated building consists of factory-made components or steel that are transported and assembled on-site to form the complete structure. According to Mr. Sharma, Southeast Bank is providing 30 percent of the cost to set up the new unit, which will produce 100 tonnes of prefabricated steel sections every day and the amount will increase gradually.
Industry Leaders eye Export of Poultry Products to ME by 2024
Poultry industry leaders on Saturday expressed the hope that the country would be able to export poultry products by 2024, especially to the Middle East, a big market for halal meat. As per the Leaders, Bangladesh is on the right track to achieve self-sufficiency in poultry production soon as the sector may receive an investment of Tk 50 billion in the next two years due to its export potentials. They made the remarks at the closing ceremony of a three-day ’11th International Poultry Show-2019′ organised by the World Poultry Science Association-Bangladesh Branch (WPSA-BB) at the International Convention City Bashundhara (ICCB) in the capital. State Minister for Fisheries and Livestock Ashraf Ali Khan Khasru addressed the programme as the chief guest.
Japanese Power Firm to expand in Bangladesh
Japan’s Mitsubishi Hitachi Power Systems (MHPS) plans to expand its footprint in Bangladesh in a bid to grab more market shares. As part of the move, the thermal power generation company, which has operations in America, Europe and Asia, has opened its full-fledged office in Dhaka last Monday. According to Ken Kawai, Chief of the Asia-Pacific region of the MHPS, the company has already set up five mega gas turbine plants in Bangladesh, with a total power generation capacity of 2,000 megawatts and they have planned to expand our operation rapidly to meet Bangladesh’s appetite for energy. Presently, Bangladesh’s power generation capacity stands at around 20,000MW and the government has set a target to increase it to 24,000MW by 2021 and to 40,000MW by 2030.
Mango Imports plummet as local yields keep soaring
The import of mango has declined gradually in recent years, thanks to a sustained rise in local production of the delicious tropical fruit. This trend in mango imports has thus saved millions of foreign exchange. According to the plant quarantine wing under agriculture ministry, Bangladesh imported only 2,050 tonnes of mango in fiscal year (FY) 2017-18, mainly from India and Thailand, Mango import was 17,596 tonnes in FY ’11. It was 2,250 tonnes in FY ’17, 2,795 tonnes in FY ’16 and 3,212 tonnes in FY ’15. According to the department of agricultural extension (DAE), the local mango output rose to 2.2 million tonnes in FY ’18. It was 1.3 million tonnes in FY ’11. Even the area under commercial mango farming increased to 167,760 hectares in 2018 from 141,067 hectares in 2011.
Three arrested with phensedyl, yaba
Rab and police in separate drives yesterday arrested three persons with phensedyl and yaba pills. As per Assistant Director of Rab-7 media wing, a team of Rab-7 arrested Md Shafikul Islam Shahin from Hotel Paramount and Restaurant in Chattogram city and recovered 13,430 yaba pills from him. In another incident, Police arrested two others with 86 bottles of phensedyl from Mansurabad area in the port city.
Local and Global Stock Indices *
|Index Name||Close Value||Value Change||Percentage Change|
World Commodities *
|Commodity||Close Value||Value Change||Percentage Change|
|Crude Oil (WTI)||$ 56.07||↓0.59||↓1.04%|
|Crude Oil (Brent)||$ 65.74|| ↓0.56||↓0.84%|
Major Currencies Exchange Rates Movement in Last Seven Days *
|USD 1||BDT 83.8028|
|GBP 1||BDT 109.0693|
|EUR 1||BDT 94.1524|
|INR 1||BDT 1.1946|
*CURRENCIES AND COMMODITIES ARE TAKEN FROM BLOOMBERG.<