“MJL Bangladesh Limited (MJLBL) has procured country’s largest ocean-going Aframax Oil Tanker with a capacity of 107,091 DWT,” said M. Mukul Hossain, Chief Executive Officer of MJLBL while disclosing the Q2 earnings of 2017-18 in a hotel on February 01, 2018.
Mr. Hossain also echoed that MJLBL is the first Bangladeshi company owning two such Aframax tankers in the private sector of Bangladesh. He also highlighted on the challenges lubricants industry is encountering with and the counteract measures taken by MJLBL to mitigate those risks.
Sabbir Ahmed, FCA, Head of Finance & Planning of MJLBL said that they delivered a strong business performance with an 8.71% growth in manufacturing unit to reach BDT 1,067 million in the second quarter of 2017-18. The revenue of trading unit soared by 6.80% to reach BDT 1,017 million for the same period. The revenue of the oil tanker unit plunged by 79.04%, as it remained laid up for two months due to regulatory periodic maintenance (dry docking), which has to be done twice in every five years.
“The drop in revenue of oil tanker weakened both profits after tax and EPS of MJLBL by 32.56% to reach BDT 287 million and BDT 95 paisa respectively in the second quarter of 2017-18,” added Mr. Ahmed.
He also echoed that the dent in oil tanker revenue was partially neutralized due to splendid 83% revenue growth of Omera Petroleum Limited (OPL), making the consolidated EPS nearer to the previous reporting period.
However, MJLBL management is very much optimistic to recover the performance in the remaining parts of this financial year.
“OPL has achieved a significant business result in just three years of operation”, said Mr. Tanzeem Chowdhury, DGM- Corporate Planning & Business Development of OPL.
Mr. Chowdhury also emphasized on the potential of untapped LPG segment of Bangladesh along with the upcoming expansion plan of Omera Petroleum Limited & Omera Cylinders Limited to grab those opportunities.
“Omera Gas One Limited (OGL), a joint venture between OPL & Japanese top-ranked energy giant, Saisan Co. Ltd was formed to meet the tailored LPG demand of Residential & Commercial complexes, Industrial and Automotive sector of Bangladesh” added Mr. Chowdhury.
Mr. Tanjil Chowdhury, Director of MJLBL emphasized on the downstream synergies emanated from the subsidiaries, associates and sister concern of MJLBL. Mr. Chowdhury also highlighted on the core competencies of MJLBL, OPL, OCL, and OGL along with the initiatives taken to capitalize unexploited markets of Bangladesh.
In the second quarter earnings disclosure, on behalf of MJLBL, Mr. Tanjil Chowdhury, Director, Mr. M. Mukul Hossain, CEO, Mr. Sabbir Ahmed, FCA, Head of Finance & Planning, Mr. S M Rahmatul Mujeeb, FCA, Senior Finance Controller; on behalf of OPL, Mr. Shamsul Haque Ahmed, CEO, Mr. Tanzeem Chowdhury, DGM- Corporate Planning & Business Development and Mr. Toshiyuki Shimbori, CEO of OGL were present, among others.