Padma Oil’s profit jumps 50%

The Padma Oil Company saw a big jump in profits in the October-December period of 2022 thanks to an increase in its non-operating income and higher sales volume.

The state-run company's earnings per share surged 50 per cent year-on-year to Tk 8.92 in the second quarter of the current financial year from Tk 5.92 previously, the company said in a posting at the Dhaka Stock Exchange.

Padma's overall earnings per share grew 38 per cent year-on-year to Tk 16.13 in the July-December period of FY2022-23.

However, the company's net operating cash flow per share became negative in the first half of the year.

Padma said cash flow has decreased due to an increase in payments to suppliers of petroleum, oil and other lubricant products.

Besides, an increase in inventories and dues from affiliated companies have played a vital role in this regard, the company added.