Summit Alliance Port clocks 91% higher profit in Oct-Dec

Summit Alliance Port Limited (SAPL) posted a nearly 91 per cent spike in profit to Tk 9.95 crore in the second quarter of the current financial year of 2022-23. 

The inland container depot and container freight service provider made a profit of Tk 5.21 crore in the October-December quarter of the previous financial year. 

Thus, the consolidated earnings per share (EPS) was Tk 0.42 in October-December of FY23 compared to Tk 0.22 in the same quarter of FY22, according to the unaudited financial statements.

The EPS increased as consolidated profit after income tax went up in the quarter compared to a year earlier, said SAPL in a filing on the Dhaka Stock Exchange today.  

SAPL reported a 109 per cent increase in profit in the first quarter as well.  So, its profit rose to Tk 20.84 crore in the first half of FY23, up 95.50 per cent from Tk 10.66 crore during the same half of FY22.

The consolidated net operating cash flow per share (NOCFPS) rose to Tk 1.28 in July-December of FY23 from Tk 0.74 in the first half of FY22.

The consolidated net asset value (NAV) per share was Tk 33.72 on December 31 and Tk 34.34 on June 30.

The NAVPS rose thanks to an increase in net assets driven by the hike in profit, while the NOCFPS was up for the increase in the credit collection from clients, said the filing. 

Established in 2003 in Patenga of Chattogram, SAPL is the largest off-dock in the country's private sector, handling 22.50 per cent of Bangladesh's containerised export volumes and 10.50 per cent of the import volumes, according to the company's website.

Besides, it has established the first-ever inland water terminal facility in the private sector named "Muktarpur Terminal" on the bank of the Dhaleswari in Muktarpur under Munshiganj, providing off-dock services and economical cargo transportation and easing the pressure on the Dhaka-Chattogram highway.

A subsidiary of SAPL has taken over the management of three river terminals in Kolkata and Patna.