Petromax Refinery Ltd — a subsidiary of the publicly listed Shahjibazar Power Company Ltd — has recently signed an agreement with Mongla Port Authority for leasing a 13-acre land for business expansion.
The tenure of the lease agreement will be 30 years, according to a stock exchange filing by Shahjibazar Power on Sunday.
Petromax shall utilise the land to install storage tanks for the expansion of its existing storage facility, and to enhance its refining capacity as per the market demand, the disclosure added.
Petromax Refinery produces petroleum products like liquid petroleum gas, special boiling point solvent, mineral turpentine, high speed diesel, octane, kerosene and fuel gas, and supplies them to the Bangladesh Petroleum Corporation. It owns a hydrocarbon plants fractionation facility, which is situated at the Mongla industrial area.
The listed Shahjibazar Power produces electricity and supplies to the Bangladesh Power Development Board. The company operates 86 MW power plants. It holds a 90% stake in Petromax.
Shahjibazar Power got listed on the stock market in 2014. According to its un-audited financial statement, the company’s revenue grew 7.65% year-on-year in the first nine months of the fiscal 2022-23.
But despite seeing higher revenue, the company reported a whopping 95% year-on-year decline in profit to Tk4.31 crore.
In the last 2021-22 fiscal, the company has paid a 16% cash and 4% stock dividends to its shareholders.
Its shares are stuck at the floor price of Tk65.5 each on the Dhaka Stock Exchange.