Beximco continues to grow despite BDT's lost value and increasing freight charges
- May 3, 2023
- views
Beximco group's sales increased 3% on year-on-year basis to BDT 5,836 crore.
Country's leading conglomerate Beximco Group faced a 33% year-on-year profit decline in the July-March period of 2022-23 financial year. On the bright side company's sales increased 3% on year-on-year basis to BDT 5,836 crore. According to the company officials', profit declined largely due to a sharp depreciation of the local currency and increasing freight costs.
The company, known as the largest private sector company in Bangladesh, continues to have impressive financial records. According to the financial statements, company's profit stood at BDT 767 crore in the first nine months of 2022-23. It was 1,154 crore in the same period last year.
Electricity tariffs and freight charges increased by a big margin in the last nine months, resulting in a drop in profit for most top companies in the country, according to statistics. In addition to that, taka lost value by 14.50 per cent against the UD Dollar in July-March period of current financial year.
Beximco Group, founded by country's first generation businessman A. S. F. Rahman and Salman F Rahman in 1972, became the most significant private sector company in Bangladesh. it has huge contribution to the economy of the country. With free market reform strategies taken by the government in the late 1980s, Beximco Group flourished beyond expectations. It has investments in renewable energy, pharmaceuticals, satellite, ceramics, textiles and LPG among other industries. Currently the company has a presence in 55 countries across the world.
