The two new power plants had been in operation the entire year, resulting in an increase of consolidated profits for the last fiscal year
Baraka Power Limited (BPL) declared 8% cash and 7% stock dividends for fiscal year 2019-2020 during its 13th Annual General Meeting (AGM) at Khan's Palace Convention Hall in Sylhet on Wednesday.
BPL is a power generating company in Bangladesh established by Non-Resident Bangladeshi (NRB) entrepreneurs, said a press release.
The AGM was moderated by the Company Secretary, Md Saiful Islam Chowdhury. After a recitation from the Holy Quran, the Company Secretary kicked off the proceedings by formally welcoming the Board of Directors and shareholders in attendance.
In his welcome remarks, Chairman Faisal Chowdhury said, "Baraka Group is contributing to the national progress of Bangladesh by generating and supplying electricity to the national grid without interruption."
"The Company has invested in new ventures by capitalizing on its success, goodwill and experience" he added.
He also mentioned that Karnaphuli Power Limited and Baraka Shikalbaha Power Limited, the two new power plants under Baraka Group had been in operation the entire year, resulting in an increase of consolidated profits for the last financial year.
The company's Managing Director, Fahim Ahmed Chowdhury, also expressed his sincere gratitude to the board of directors and shareholders for their cooperation.
He indicated that, during the financial year of 2019-2020, the consolidated profit of Baraka Power Limited was Tk56.76 crore, and EPS of Baraha Power Ltd stood at Tk2.58.
The declaration of 8% cash dividend and 7% stock dividend for the fiscal year 2019-2020, along with other agenda items, were anonymously approved during the 13th Annual General Meeting.