BSC profit rises 23pc in FY25

Business Report :

The Bangladesh Shipping Corporation (BSC) reported a 22.8 percent increase in annual profit for the 2024–25 fiscal year, driven by one-off income from the sale of two damaged vessels and higher freight rates in the global market.

In a disclosure on Wednesday, the state-run entity said its profit rose to Tk 3.07 billion in FY25, up from Tk 2.5 billion the previous year. Earnings per share increased to Tk 20.1, compared to Tk 16.37 in FY24, reflecting stronger operational resilience despite unexpected disruptions.

BSC earned nearly Tk 0.5 billion from selling the two fire-ravaged ships Banglar Jyoti and BanglarShourabh which had been among its top revenue-generating vessels for decades. The ships, purchased from Denmark in 1987, had together generated Tk 15.36 billion in their 37 years of service.

Both vessels were destroyed in separate fire incidents last year. Banglar Jyoti caught fire at Chattogram Port’s Dolphin Jetty in September, killing three crew members, while BanglarShourabh was damaged during oil unloading the following month, resulting in one death.
To maintain continuity in services, BSC rented vessels after the losses. The corporation said this temporary arrangement helped stabilise operations, ensuring uninterrupted cargo and oil transport at a time when global shipping demand was recovering.

Apart from the proceeds from ship sales, higher international freight rates also contributed to an improved revenue performance. Net profit rose by Tk 0.57 billion, highlighting the impact of favourable market conditions. Despite the strong earnings report, BSC shares fell 2.7 percent to Tk 108.1 on the Dhaka Stock Exchange on Wednesday as investors reacted cautiously to the decline in cash generation. The company announced a 25 percent cash dividend for FY25, unchanged from the previous year.

However, BSC’s cash generation weakened sharply, dropping to Tk 11.96 per share from Tk 31.08 a year earlier, owing to increased interest payments on government loans and higher financing costs.

In a separate disclosure, BSC reported that its profit for the first quarter of FY26 declined 13.18 percent year-on-year to Tk 0.78 billion, mainly due to higher tax expenses. The corporation said it expected steady freight movements in the coming quarters but warned that rising operational costs could weigh on profitability.