Summit Power, Bangladesh’s largest independent power producer, announced a 51% year-on-year increase in profit to Tk 3.34 billion in FY24, driven by lower import costs and stable foreign exchange rates.

According to a stock exchange filing on Tuesday, the company’s consolidated earnings per share (EPS) rose to Tk 3.13, up from Tk 2.07 the previous year.

The stable dollar-taka exchange rate in FY24, supported by Bangladesh Bank’s policy measures, significantly reduced import costs for heavy fuel oil (HFO) and minimized exchange losses.

Additionally, a decline in global furnace oil prices and a 5% increase in bulk electricity tariffs to Tk 7.04 per unit further boosted profitability.

Summit Power declared a 10% cash dividend for FY24, unchanged from the previous year. The company will retain two-thirds of its earnings and disburse Tk 1.06 billion in dividends to shareholders.

In the nine months through March 2024, revenue dropped 35% year-on-year to Tk 30.30 billion, while the cost of sales fell to 78% of revenue, down from 85% in the same period last year. The company’s net asset value per share increased to Tk 41.44 in June 2024 from Tk 38.02 a year earlier.

Summit Power, which operates 15 power plants with a total capacity of 975.96 MW, attributed the delayed financial disclosure to pending government payment settlements. Its shares remained unchanged at Tk 16.3 on the Dhaka Stock Exchange on Tuesday.