United Power makes Tk 1,000cr profit in FY22

United Power Generation Distribution Company logged a profit of around Tk 997 crore in fiscal year 2021-22 although it was a year-on-year decrease of 8 per cent, something it cited was due to the devaluation of the local currency against the greenback. 

In a disclosure on the Dhaka Stock Exchange (DSE) website yesterday, the company stated that fuel oil prices had increased in the international market.

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The Russia-Ukraine war has led to global economic uncertainties, energy supply shortages and a significant price volatility.

Spending behind oil purchases rose significantly due to the rapid devaluation of the local currency, said the company.

On the other hand, the company's net operating cash flow per share decreased to Tk 1.89 from Tk 27.17 the previous year.

This was due to a significant increase in trade receivables for delays in payment of revenue bills by Bangladesh Power Development Board.

Based on the profits, the company's board of directors declared a 170 per cent cash dividend for shareholders.

Stocks of the power generation company dropped 0.38 per cent from the last trading day to Tk 233 at the DSE.