Linde profit soars 64pc, amps up stocks
Stocks of Linde Bangladesh rose 2.71 per cent to Tk 1,376 yesterday after the company reported higher profits in this year's January-June period.
The company's revenue grew by 26 per cent to Tk 252 crore while profits surged 64 per cent at the same time, according to its financial report posted on the Dhaka Stock Exchange website.
The listed multinational industrial and medical gas supplier witnessed increased sales in the first half of 2021 as the demand for medical-grade oxygen has ballooned amid the recent resurgence of Covid-19.
When the infection rate reached a record high during this year's April-June quarter, Linde's profits jumped to Tk 125 crore, registering 385 per cent growth year-on-year compared to Tk 34 crore in 2020.
However, the company still struggles to attain the revenue logged in the first-half of 2019, when it stood at Tk 283 crore.
Linde caters to the needs of more than 35,000 customers from a wide range of industries, including chemical, steel and healthcare.
But ever since the pandemic began, the company's main focus has been on meeting the local demand for medical-grade oxygen with hospitals being the main priority, according to its annual report for 2020.
In the first half of 2021, Linde's earnings per share (EPS) increased mainly due to its higher revenue compared to last year, when businesses were heavily impacted by the strict countrywide lockdown, said Abu Mohammad Nisar, company secretary of Linde Bangladesh.
The company's EPS rose to Tk 41.42 in the first half of the year while it was Tk 25.16 in the same period the year before.
"Its net operating cash flow rose as well due to increased revenue and lower operational costs," he added.
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