The Bangladesh Export Import Company Limited incurred a loss of Tk 243 crore in the second quarter (October-December) of the financial year 2024-25, losing Tk 2.58 per share.
The company disclosed that its operations are nearing closure due to the absence of banking facilities.
Since August 2024, no bank has issued letters of credit for the company. As a result, with no production in the garment factory, it had to sell yarn and fabric at reduced prices, leading to financial losses for Beximco.
The disclosure was published on Wednesday on the Dhaka Stock Exchange website, after Beximco released its unaudited financial report for the second quarter ended on December 31, 2024.
However, according to the financial statement, the net operating cash flow per share progressed significantly, increasing to 12.58 during July-December period of 2024, up from Tk 1.44 during the same period in the previous year.
Net operating cash flow per share is the amount of cash a company makes from its main business activities for each share of stock.
During the second quarter of the previous year, the company earned Tk 0.82 per share, it said.
The business group is connected to Salman F Rahman, who was private industry and investment adviser to the deposed prime minister Sheikh Hasina.
According to the disclosure, Beximco made a loss of Tk聽3.78 per share during July-December period of 2024, compared with the profit of Tk 0.03 per share during the same period in the previous year.
The company鈥檚 net asset value per share as of December 31, 2024 was Tk 82.57. The company鈥檚 net asset value per share was Tk 93.98 on December 31, 2023.
Beximco is one of the biggest loan defaulters of the country.
Adviser for labour and employment M Sakhawat Hussain on Tuesday said that the Beximco group鈥檚 defaulted amount was even larger than that of the Bangladesh Bank reserve heist.
Earlier in a press briefing on January 23 he said that Beximco鈥檚 total bank loan was currently over Tk聽40,000 crore, including Tk聽29,925 crore taken by 32 factories located in Beximco Industrial Park. Out of this, Beximco owes Tk聽23,285.42 crore to Janata Bank alone, said the adviser.
Under this reality, the government on Tuesday decided to close 12 laid-off companies within Beximco Industrial Park and pay the legal dues to the affected workers by February, and to sell the pledged shares of Beximco Pharmaceuticals and Shinepukur Ceramics to clear unpaid salaries of the workers of Beximco鈥檚 16 factories.
The government also decided to dismiss the receiver of Beximco Group due to non-compliance with the directives of the Advisory Council Committee on the Review of Labour and Business Conditions of Companies in Beximco Industrial Park.
According to an official of the BSEC, the government might sell the shares outside of the stock exchanges to avoid massive share price fall.
However, after the announcement to sell the shares of Beximco Pharmaceuticals and Shinepukur Ceramics was made, the two companies share price fell by 1.83 per cent and 8.33 per cent respectively.
The closing price of Beximco Pharmaceuticals and Shinepukur Ceramics shares were Tk 75.20 each, and Tk 11.00 each respectively on Wednesday, compared with that of Tk 76.6 each, and Tk 12 each respectively on Tuesday.
According to the Dhaka Stock Exchange Website, sponsors and directors hold 30.13 per cent shares of Beximco Pharmaceuticals, and 50 per cent shares of Shinepukur Ceramics.
The companies have 446,112,089 outstanding shares and 146,966,055 outstanding shares respectively.
The DSE witnessed decrease in its indices too on the day, losing 13.91 points in its key index, DSEX.
The DSEX closed at 5112.51 points on the day, and the total turnover was Tk 314.16 crore.
A total of 395 shares were traded on the day, among which 124 shares advanced, 206 declined and 65 shares remained unchanged.
