Associated Oxygen posts 24% lower profit in 2021-22

Associated Oxygen Limited (AOL) reported nearly 24 per cent lower profit in the last financial year of 2021-22 for the economic slowdown, the impacts of the Russia-Ukraine war and lower sales of medical oxygen.

The producer and supplier of industrial and medical gases made a profit of Tk 18.33 crore in the financial year that ended on June 30, down from Tk 24.04 crore a year earlier.

The company reported earnings per share of Tk 1.67 for 2021-22 from Tk 2.19 in the previous financial year.

In a filing on the Dhaka Stock Exchange today, AOL blamed the slowdown in economic conditions, the Russia-Ukraine war and the failure to sell medical oxygen significantly for the improvement in the coronavirus situation for the decrease in the EPS.

The net asset value per share rose to Tk 18.56 from Tk 18.29.

The net operating cash flow per share improved to Tk 3.11 from Tk 2.57 during the period, thanks to an increase in the collection from customers and a decrease in operating expenses, selling and distribution expenses.

AOL also informed that the board of directors has decided to increase the authorised share capital from Tk 250 crore to Tk 400 crore divided into 40 crore ordinary shares of Tk 10 each.

The board also recommended a 10 per cent cash dividend only for general shareholders for 2021-22.

Sponsors and directors hold 3,36,55,905 shares out of a total of 10,97,82,000 shares and the cash dividend payable to general shareholders is Tk 7.61 crore.

AOL is a producer and supplier of industrial and medical gases, welding products and equipment and ancillary equipment. It supplies oxygen and nitrogen in liquid and gaseous forms to industries and hospitals.