Advanced Chemical Industries (ACI) PLC posted strong growth in revenue in the first half of the current fiscal year, reflecting steady domestic demand and continued expansion of its operations.

According to the company's financial disclosure, consolidated revenue rose by 18% year-on-year to Tk7,794 crore in the July–December period, compared to Tk6,619 crore in the same period a year earlier.

It posted a consolidated net profit of Tk30 crore during the half-year, which was a net loss of Tk64 crore in the same time a year ago.

ACI PLC is one of the country's leading conglomerates, with a presence in pharmaceuticals, consumer brands, logistics and retail.

The domestic market price of one bhori of gold, equivalent to 11.664 grammes, rose by Tk 32,892 over the course of a month, reflecting a notable increase compared with previous months.

According to the Bangladesh Jewellers Association (Bajus) data, the price of gold per bhori was Tk 2.22 lakh on January 1, 2026, which increased to Tk 2.55 lakh on January 31.

An analysis of Bajus data shows that throughout the month, gold prices in the domestic market changed 18 times, whereas prices rose on 15 occasions.

Businesspeople said the local market in Bangladesh has remained unstable over the past few months, driven by fluctuating global prices, steadily rising costs of pure gold, and broader economic uncertainty.

Dewan Aminul Islam Shahin, chairman of Bajus’ Standing Committee on Pricing and Price Monitoring, recently said the retail gold market has been highly volatile lately, largely due to swings in global prices and rising costs of pure gold.

“International issues such as geopolitical tensions and conflicts have a direct impact on our local market,” he mentioned

GOLD FALLS AGAIN

Gold prices in the local market fell sharply within 24 hours, dropping by Tk 15,746 per bhori to Tk 2.55 lakh. The Bangladesh Jewellers Association announced the price cut yesterday, citing a decline in the prices of pure gold in the local market.

On January 29, gold prices hit an all-time high of Tk 2.86 lakh per bhori in the country. Since then, prices have fallen by roughly Tk 31,000.

In the international market, spot gold lost 4.7 percent to $5,143.40 an ounce on January 30, as jittery investors moved to lock in profits, with hopes for aggressive US interest rate cuts fading and the dollar steadying, according to Reuters.

In Bangladesh, domestic prices remain closely aligned with global trends. Under the Gold Policy 2018, annual domestic demand is estimated at between 20 and 40 tonnes.

Gold first crossed Tk 50,000 per bhori in January 2018. Five years later, in July 2023, it reached Tk 100,000. Prices climbed further to Tk 150,000 in February 2025, before surging past Tk 200,000 per bhori later in the year.

With around two weeks left in office, the interim government has yet to pass two important banking reform laws that the central bank says are crucial for strengthening its oversight of the financial sector.

The laws are related to the autonomy of the Bangladesh Bank (BB) and the ownership and governance of banks.

Those laws topped the reform agenda that the interim government had pledged following the July uprising in 2024. Besides, the International Monetary Fund (IMF) has long advocated greater autonomy for the BB. Under its $5.5 billion loan programme, the Fund provided technical support in drafting the amendments.

Now both of the drafts are pending with the finance ministry, though the BB submitted them months ago and repeatedly urged their passage before the national election on February 12.

So far, the interim government has enacted only two banking-related laws. Those are the Bank Resolution Ordinance and the Deposit Insurance Ordinance.

Central bank officials say the remaining drafts, including amendments to the Bangladesh Bank Order 1972 and the Bank Company Act, have not progressed.

In a press release yesterday following its Article IV consultations, the IMF said the government reiterated its commitment to legal, institutional and operational reforms but noted that key policy decisions would be taken by the next government.

The IMF said that delays in banking and fiscal reforms would weaken growth, raise inflation, and increase macro-financial risks.

At a public programme last week, BB Governor Ahsan H Mansur expressed concern over the delays, saying passing the laws after the election would be difficult.

Finance Adviser Salehuddin Ahmed attended the event. Mansur reminded the government that the central bank considers the reforms unfinished business.

“We will try,” said Ahmed in response. “However, the time is short, so we are not sure how much can be accomplished,” he said.

Central bank officials said the revised draft amendment to the Bangladesh Bank Order has been with the finance ministry for around four months. The amendment is prepared to increase the autonomy of the banking regulator.

The original draft proposed removing bureaucrats from the BB board, where three government officials currently sit. Following objections from the finance ministry, the proposal was revised to allow one bureaucrat instead of three.

It also seeks to grant the BB governor the rank of a minister and require the governor to take the oath before the chief justice. Despite these revisions, the amendment has not been approved.

The second pending reform is the proposed amendment to the Bank Company Act. The BB board approved the draft in October last year and submitted it to the finance ministry.

It has 45 proposed changes, including reducing the maximum number of directors on bank boards from 20 to 15 and increasing the number of independent directors to at least half of the board, up from the current three.

The draft also recommends that independent directors be appointed from a vetted pool of candidates shortlisted by an expert panel.

Another proposal would limit ownership concentration by preventing any individual, family or institution from holding more than 5 percent stakes in multiple banks.

BB says the amendments aim to improve governance standards and strengthen oversight of both private and state-owned banks.

However, private bank owners have expressed opposition to the proposals. The Bangladesh Association of Banks (BAB) formally communicated its objections to the finance ministry, especially regarding the proposed ownership limits.

Zahid Hussain, former lead economist at the World Bank’s Dhaka office, said the delay is difficult to explain given how the drafts were prepared.

“This is not a new file,” he said.

According to Hussain, the drafts were developed after extensive discussions, including coordination committee meetings involving the finance ministry, BB and other stakeholders. The reforms were outlined in IMF mission reports and incorporated into the government’s Letter of Economic and Financial Policies, signed by both the finance minister and the BB governor.

“After that process, the role of the finance ministry is straightforward,” he said. “It should review the draft, clear it, or clearly explain why it cannot be cleared.”

Leaving the file idle for months, he said, raises questions.

Hussain said the delay shows resistance linked to authority rather than technical disagreements. “One key element of the reform is reducing the representation of the finance ministry on the Bangladesh Bank board. From that perspective, the issue is control,” he said.

He added that the central bank’s independence should not be defined narrowly. “It is not only about fiscal dominance. It also involves bureaucratic dominance and influence from business lobbies.”

According to the economist, passing the reform laws now would clarify where institutions and political actors stand, rather than deferring responsibility to the next government.

For comments, The Daily Star approached Finance Adviser Salehuddin Ahmed, BB Governor Ahsan H Mansur and Financial Institutions Division Secretary Nazma Mobarek. Despite phone calls and text messages, they did not respond.

As part of the interim government's efforts to reduce project expenses, the construction of Eastern Refinery Limited's second unit (ERL-2) has been cut by Tk4,465 crore, even before work has begun.

A revised proposal, a copy obtained by The Business Standard, puts the project's new cost at Tk31,000 crore, down from Tk35,465 crore, and has been submitted to the Planning Commission.

On 23 December, the Executive Committee of the National Economic Council (Ecnec) approved the project conditionally, asking for a review of various components, senior planning commission officials said.

They said Ecnec had asked to revise detailed engineering, design, construction supervision, commissioning, and associated buildings and infrastructure – to ensure costs were reasonable.

Following the directives, a cost review committee was formed under Amin Ul Ahsan, chairman of Bangladesh Petroleum Corporation (BPC), with officials from ERL and the energy division.

The committee reviewed capital expenditures and subcomponents, including engineering design, pre-commissioning and commissioning, internal roads, plant-related buildings, and other equipment.

After thorough review, the committee recommended a revised total cost of Tk31,000 crore, officials said.

12.59% cost reduction

BPC officials said the reviewed committee made significant reductions in several areas. Construction of plant-related buildings was cut by Tk768.83 crore, reducing the proposed cost to Tk250 crore.

Expenditure on engineering and other equipment fell by Tk1,726 crore from the original Tk8,203.89 crore.

Costs for other infrastructure dropped by Tk1,626 crore to Tk9,506 crore. Other capital expenditures were trimmed by Tk1,364 crore to Tk3,815 crore, and internal road costs fell from Tk288 crore to Tk138 crore.

Planning officials said the revision represents a 12.59% reduction from the Ecnec-approved project cost. Under the June 2022 Government Project Formulation, Processing and Approval Guidelines, any project cost reduction of 10% or more requires presentation to the Project Evaluation Committee (PEC).

The revised project proposal will be presented at a PEC meeting on 1 February.

IsDB offers $1b

Although Ecnec approved the project for self-financing, it also instructed the ministry to explore the possibility of securing concessional foreign loans.

Sources at the Economic Relations Division (ERD) said the Islamic Development Bank (IsDB) has expressed interest in providing $1 billion or more for ERL-2. On 22 December, the IsDB sent an initial proposal for financing, with final approval expected after a mission visits Bangladesh.

Project revival

Eastern Refinery, established in 1968 under French contractor Technip, first planned a second unit in 2010. The government approved Tk13,000 crore in 2013, but no progress was made. In 2022, BPC attempted to proceed with its own funds, raising the estimate to Tk23,000 crore, but work still did not start.

In 2024, S Alam Group offered to construct ERL-2 for Tk25,000 crore, approved on 9 July. The project was suspended in August after the mass uprising that toppled Sheikh Hasina's government.

The interim government revived the plan, which by then was estimated at Tk36,410 crore. Unable to secure foreign loans, it was revised to rely on state funds and BPC resources; the original estimate had been Tk42,974 crore.

4.5m tonnes of crude oil annually

Officials said Eastern Refinery currently meets only 20% of Bangladesh's petroleum demand, the rest imported. ERL-2 will produce Euro-5 gasoline and diesel and upgrade the existing refinery's diesel, motor spirit, and octane to Euro-5 standards.

BPC has completed a new "Installation of Single Point Mooring (SPM) with Double Pipeline" project, enabling transport of up to 4.5 million tonnes of crude oil annually.

Officials project ERL-2 could produce 400,000 tonnes of furnace oil, 60,000 tonnes of LPG, 600,000 tonnes of Euro-5 gasoline, 1.1 million tonnes of Euro-5 diesel, 200,000 tonnes of lube base oil, and 500,000 tonnes of jet fuel yearly.

At least five financial institutions risk losing assets following the recent bank merger, as shares held as collateral for loans they disbursed have been valued at zero.Personal finance advice

IFIC Bank, Dutch-Bangla Bank, Shahjalal Islami Bank, Southeast Bank and National Housing Finance together face losses exceeding Tk 6.46 billion, according to the Central Depository Bangladesh Limited (CDBL).

Among the borrowers, former EXIM Bank chairman Nazrul Islam Mazumder alone took out loans equivalent to Tk 1.46 billion, pledging shares of his own bank as collateral. His action was replicated by 31 other EXIM Bank shareholders. The aggregate value of EXIM Bank shares held as lien by the above mentioned financial institutions amounts to Tk 6.20 billion.

Four shareholders of Social Islami Bank Ltd (SIBL) also took out loans worth Tk 264 million, putting their holdings in SIBL as collateral. The shareholders of EXIM Bank and SIBL may have borrowed from one or more lending institutions. Smaller loans were also disbursed against shares of the merged banks.

The central bank announced the nullification of shares of five troubled banks-First Security Islami Bank, Social Islami Bank, Union Bank, Global Islami Bank and EXIM Bank-which were merged as their liabilities had far exceeded their assets.

"Such a situation is completely new to us. No one would have thought that the value of shares of the merged banks would turn negative," said IFIC Bank Chairman Md Mehmood Husain.

The lenders are now exploring ways to recover their claims.

"We will seek legal opinions to identify possible remedies," Mr Mehmood said.

The matter remained undisclosed for a long time amid debates over the pros and cons of the merger and concerns surrounding the interests of shareholders and depositors of the merged banks.

The lenders holding nullified shares as collateral neither drew attention to the issue nor approached any regulatory authority for a solution.

Talking to the FE, senior executives of several financial institutions said they were "confounded" by the situation.

"There is no provision to recover such loans under the regulations set by the central bank for the merged banks," said Abidur Rahman, additional managing director of Southeast Bank.

Bangladesh Bank has prioritised repayment to depositors of the merged entities. "We also disbursed loans using depositors' money. We will inform our board about the impact of the collaterals becoming worthless," Mr Abidur said.

He added that Southeast Bank would take legal action against the borrowers while making provisions for the expected loan losses.

IFIC Bank Chairman Mr Mehmood said the bank would write to the Dhaka Stock Exchange (DSE) and the Bangladesh Bank seeking guidance on the issue.

"We will also communicate the matter to the Association of Bankers, Bangladesh (ABB)," he added.

Ashequr Rahman, managing director of Midway Securities, however, questioned the delay by lenders in responding to the situation.

Shareholders of the merged banks must have taken loans before the fall of the previous government, long before reform measures-including the merger-were initiated in the banking sector. Meanwhile, the stocks of those banks had already suffered significant value erosion amid a prolonged bearish trend in the secondary market.

The DSEX, the benchmark index of the Dhaka bourse, shed more than 15 per cent, or 996 points, between January 2023 and August 2024, severely squeezing the market value of shares held as collateral.

"Why did the lenders not issue margin calls following the erosion in collateral value?" Mr Rahman asked.

"They could have approached the central bank and the securities regulator to seek permission to liquidate the borrowers' shares to protect depositors' interests," he said.

According to CDBL sources, the securities pledged as collateral remain blocked by the relevant brokerage houses under lien arrangements with the depository.

The depository authority usually does not know the identities of lenders or borrowers, and its intervention is sought only when shares need to be confiscated due to loan defaults.

Meanwhile, the central bank had restructured the board of EXIM Bank following the ouster of the previous government in August 2024. Mr Mazumder, also chairman of NASA Group, was removed from the board and arrested in October that year.

Before his arrest, he had chaired EXIM Bank since 2007 and served as president of the Bangladesh Association of Banks (BAB) for around one and a half decades.

On loan recovery, Southeast Bank Managing Director Md Khalid Mahmood Khan said banks are generally aggressive in recovering loans from small and medium clients but remain timid when dealing with influential borrowers.

"They often wait for a change in the political regime, as influential clients are usually aligned with those in power," he said.

Asked why lenders had not raised the issue earlier, Mr Khan said the matter had been placed before the bank's board, but no solution was reached at the time.

Industry insiders said shareholders of the banks merged into Sammilito Islami Bank should receive shares of the new entity.

While general shareholders were left empty-handed following the nullification of their shares, influential shareholders and sponsor-directors-including Mr Mazumder-had already borrowed against their holdings.

"In a capitalistic society, privileged groups benefit even during financial disasters, leaving ordinary people behind," Mr Rahman said.

Square Pharmaceuticals PLC, the country's leading drug maker, posted strong growth in both revenue and profit in the first half of the current fiscal year, reflecting steady domestic demand and continued expansion of its overseas operations.

According to the company's financial disclosure, consolidated revenue rose by 15% year-on-year to Tk4,338 crore in the July-December period, compared to Tk3,771 crore in the same period a year earlier. Consolidated net profit increased by 16% to Tk1,467 crore during the half-year, while earnings per share stood at Tk16.56.

In the second quarter alone, covering October to December, Square Pharma reported a 9% increase in consolidated revenue to Tk2,179 crore. Net profit for the quarter surged by 10% to Tk727 crore, indicating sustained momentum despite rising costs faced by the broader pharmaceutical sector.

The consolidated results include contributions from Square Pharmaceuticals Kenya EPZ Ltd, its foreign subsidiary, local subsidiary Square Lifesciences Ltd, and three associate companies – Square Textiles, Square Fashions and Square Hospitals – highlighting the diversified nature of the group's operations.

Square Pharma has also continued its strong shareholder return policy. Earlier, the company declared a 120% cash dividend for FY25, equivalent to Tk12 per share, marking the highest payout in its corporate history. In the previous fiscal year, it had distributed a 110% cash dividend, reinforcing its track record of consistent and rising payouts.

The company, listed on the stock exchanges since 1995, saw its shares close at Tk218.90 on Thursday. With a market capitalisation of around Tk19,400 crore, Square Pharma currently ranks as the second-largest listed company on the Dhaka Stock Exchange.

Founded in 1958 by the late Samson H Chowdhury, Square Pharmaceuticals began operations at a time when Bangladesh's pharmaceutical market was largely dominated by multinational companies. Over the decades, it has grown into a market leader, producing around 1,000 varieties of medicines. Its flagship gastric relief brand Seclo remains one of the top-selling products in the country.

Square Pharma was also the first Bangladeshi pharmaceutical company to export medicines overseas in 1987. At present, it exports pharmaceutical products to 42 countries across Asia, Africa and Latin America, strengthening its position as a regional healthcare player.

Foreign debt servicing by the government and its guaranteed loans rose 17 percent to $7.09 billion at the end of June in the last fiscal year.

The amount ate up around 76 percent of the total grants and loans of $9.3 billion that Bangladesh received in the fiscal year (FY) 2024-25.

Of the total repayment, $5 billion was principal, including $2.6 billion in state-guaranteed loans taken by public agencies. For example, Bangladesh paid $1.41 billion to settle crude oil import bills. The remaining $2.08 billion went to interest payments, according to data from the Economic Relations Division (ERD).

This marks another year of rising debt servicing costs for Bangladesh, which have more than doubled over the last five years. The government repaid $6.08 billion in principal and service charges to foreign lenders in FY24, double the $3.3 billion paid in FY21. Debt servicing crossed the $1 billion mark for the first time in FY13.

At the end of FY25, Bangladesh’s foreign debt stock stood at $87.3 billion. Of this, $77.28 billion was government debt, while the rest was government-guaranteed debt taken by public sector agencies.

The debt stock rose around 12 percent from the previous year. External debt accounted for 18.99 percent of the country’s Gross Domestic Product, well below the 40 percent threshold.

Mustafa K Mujeri, executive director of the Institute for Inclusive Finance and Development (InM), said the rise in debt repayment reflects the end of the grace period for some foreign loans, many of which are in their final stages.

He added that many loans are not soft loans but hard loans with high interest rates and short grace periods, which will increase repayment pressure in the near future.

Mujeri, a former director general of the Bangladesh Institute of Development Studies, said the previous government borrowed heavily to fund large projects, and borrowing continued under the current government. With many projects now at their final stages, principal repayments have begun, pushing up debt servicing costs.

He added that significant budgetary support in recent years, provided to help the country recover from the coronavirus pandemic, has also increased loan repayments.

Global interest rate increases are another factor, although the ERD said interest rate risk is limited because most external loans are obtained at concessionary fixed rates.

Citing the World Bank’s classification, the ERD said that all indicators remain below threshold levels, categorising Bangladesh as a “less indebted” country.

However, Mujeri stressed that the government needs to strengthen its loan repayment capacity.

The Investment Corporation of Bangladesh (ICB) has incurred a loss of Tk311 crore in the first half (July-December) of the current fiscal year (2025-26).

According to its price sensitive information (PSI) disclosed today (29 January), the company's per share loss stood at Tk3.59.

ICB said it incurred the loss due to decrease in Interest Income and Capital Gain from sale of securities and increase in the payment of Interest against Term Deposit.

The government has reduced fuel prices by Tk2 per litre across the country. The move will take effect at the consumer level from February 1.

The Power, Energy and Mineral Resources Ministry announced the decision in a press release issued today.

Under the revised rates, diesel will be sold at Tk100 per litre, down from Tk102. Octane prices have been reduced to Tk120 from Tk122 per litre, while petrol will now cost Tk116 per litre instead of Tk 118. Kerosene prices have also been lowered to Tk112 per litre from the previous Tk114.

According to the ministry, fuel prices in the country are adjusted automatically at the consumer level in line with fluctuations in the global market.

Renata PLC, one of the country's leading drug makers, posted double-digit profit growth of 25% year on year in the first half of the current fiscal year, driven by revenue growth, lower cost of goods sold and sharply reduced financing costs.

According to its financial statements, consolidated profit rose to Tk156.26 crore in July-December, with earnings per share of Tk13.58, up from Tk125.08 crore and Tk10.83 in the same period of the previous fiscal year. Consolidated revenue increased by 6.56% to Tk2,223.84 crore during the period.

In a press release, Renata said revenue from pharmaceutical products, which account for 80.7% of total revenue, grew by 10%, driven entirely by volume growth, while its animal health business remained flat year on year.

Export revenue, including subsidiary income, declined by 10.1%, while revenue from contract manufacturing fell by 28.4%.

The company said export revenue rose by 8.2% in the first quarter of FY26 but dropped by 23.4% in the second quarter, mainly due to deferred orders after inventory meant for exports was damaged in a fire at Dhaka airport on 19 October 2025.

Renata said the damaged inventory has been reordered and export order fulfilment will resume in subsequent quarters.

The decline in contract manufacturing revenue was attributed to reduced government procurement following the mass uprising of July-August 2024, which the company expects to improve after the elections.

Renata said operational efficiency was reflected in a 20.6% rise in earnings before interest, tax, depreciation and amortisation for the six months to December, as material costs rose by only 3.9% against revenue growth of 6.6%.

Lower raw material costs resulted from strong supplier negotiations and access to US dollar-denominated funding from the IFC, which reduced foreign exchange volatility amid a relatively stable exchange rate environment.

The company also reported a 7.3% reduction in financing costs following the completion of its capital restructuring, including full drawdown of low-cost IFC funding and full subscription of Tk325 crore in preference shares.

Renata said continued efforts to reduce working capital led to a Tk390 crore reduction in debt during the second quarter.

The Dacca Dyeing and Manufacturing Company Limited posted a massive loss of Tk372.20 crore in the first half of the current fiscal year, highlighting a sharp deterioration in its financial position.

The plunge comes amid falling turnover and a major accounting adjustment related to bank interest.

According to the company's price-sensitive disclosure, turnover fell 41% year-on-year to just Tk8 crore in July–December FY26. During the same period, the company reported a loss of Tk372.20 crore, compared to Tk18.20 crore a year earlier. Loss per share ballooned to Tk42.71.

The situation worsened in the second quarter alone. From October to December, revenue dropped 40% to Tk3.64 crore, while the company incurred a loss of Tk359 crore, indicating that the bulk of the half-yearly loss was recognised in this period.

Reflecting the sharp erosion of shareholder value, the company's net asset value (NAV) per share turned negative. At the end of the first half of FY26, NAV per share stood at minus Tk16.99, a stark reversal from a positive Tk25.71 in the same period last year.

Dacca Dyeing attributed the massive loss primarily to a reassessment of bank interest liabilities. The company said it had previously recognised bank interest based on estimated rates. However, following negotiations with the banks and instructions from the Bangladesh Bank policy support committee, the final interest payable was significantly higher than previously recorded.

The company explained that since the revised interest amount was uncertain over the past thirteen years, the shortfall represents a change in accounting. This led to the substantial one-time charge during the reporting period.

Shares of Dacca Dyeing fell 2.99% today (29 January) to close at Tk16.20 on the Dhaka Stock Exchange.

According to the company's annual report for FY25, it has outstanding loans from Sonali Bank, Agrani Bank, and Dutch-Bangla Bank.

Launched in 1963, the company is currently operated under the QC Group. Its board of directors includes Gias Uddin Quader Chowdhury, Samir Quader Chowdhury, Samiha Quader Chowdhury, and Sajia Quader Chowdhury, relatives of former BNP leader Salahuddin Quader Chowdhury, who was executed for crimes against humanity in 1971.

The company came under the current sponsors' ownership in 1996–97, after being managed under a state-owned bank. It also has a representative from Bangladesh Development Bank on its board, which holds a 12.44% stake in the company.

Summit Power Limited, the country's largest independent power producer, reported a sharp decline in revenue in the first half of the current fiscal year as several of its power plants remained shut or operated below capacity.

According to the company's disclosure, consolidated revenue fell by 30% year-on-year to Tk1,709 crore in the July-December period of the 2025-56 fiscal year, down from Tk2,446 crore in the same period of the previous fiscal year.

Its consolidated net profit also declined, albeit at a slower pace, dropping 10% to Tk102 crore. The company's earnings per share stood at Tk0.96, compared to Tk1.07 a year earlier.

In the second quarter alone, covering October to December, Summit Power posted consolidated revenue of Tk764 crore. However, its profitability weakened further during the quarter, with consolidated net profit falling 32% to Tk36.19 crore. The company's earnings per share for the quarter declined to Tk0.34 from Tk0.50 in the corresponding period last year.

The company attributed the significant fall in revenue mainly to the shutdown of a large portion of its generation assets. Summit Power said seven of its 15 power plants, with a combined capacity of 234 megawatts, remained shut during the period. The company's total installed generation capacity is 930.55 megawatts. The reduced operational footprint substantially lowered capacity payments and energy sales.

The disclosure also noted that following the expiry of power purchase agreements, four power plants operated only partially under a "no electricity, no payment" arrangement, while three plants remained completely non-operational throughout the year. As a result of these developments, the company recognised an impairment loss of Tk152 crore in FY25, reflecting the diminished recoverable value of certain assets.

Despite the challenging operating environment, Summit Power continued to maintain a profit, supported by plants that remained under active contracts. However, the overall financial performance highlights the growing pressure on private power producers amid changes in the power sector, contract expiries and shifting demand dynamics, according to the market insiders.

Summit Power's shares closed at Tk12.30 on the Dhaka Stock Exchange yesterday.

Two listed cement makers, Crown Cement PLC and Premier Cement Mills PLC, reported sharp profit declines in the first half of the current fiscal year, despite largely stable revenue, highlighting growing margin pressure in Bangladesh's cement sector amid intense competition and rising input costs.

Crown Cement posted revenue of Tk1,872 crore in the July–December period of FY26, up 15% from a year earlier. Second-quarter revenue rose 8% to Tk993 crore, while export earnings increased 36% year-on-year to Tk46.46 crore.

However, profitability weakened significantly. Net profit fell 48% year-on-year to Tk11.75 crore in the first half, while second-quarter profit dropped 73% to Tk5.08 crore. Earnings per share declined to Tk0.79 from Tk1.52 a year earlier.

Following the earnings disclosure, Crown Cement's shares slipped 1.87% to close at Tk47.20 on the Dhaka Stock Exchange today (29 January).

In its financial statement, the company attributed the profit drop to rising production costs and pricing pressure. Although sales volume increased 11.64% – supported by strong demand and the commissioning of its sixth production unit, adding 8,040 tonnes of daily capacity – the cost of goods sold rose 13.16%, driven by higher clinker duties and increased global raw material prices. As a result, the gross margin narrowed to 9.74% from 13.87% a year earlier.

Premier Cement Mills reported a similar trend. Its first-half revenue stood at Tk1,059 crore, nearly unchanged from the previous year, while second-quarter revenue remained flat at Tk541 crore. Export income fell 35% year-on-year to Tk9.77 crore.

The company's net profit declined 49% year-on-year to Tk1.97 crore in the first half, with second-quarter profit dropping 72% to Tk0.68 crore. Earnings per share fell to Tk0.19 from Tk0.36 a year earlier.

Premier Cement's shares dropped 2.67% to close at Tk36.40 on the DSE following the announcement.

Advanced Chemical Industries (ACI) PLC has approved an investment of Tk640 crore in its subsidiary, ACI Logistics Limited, which operates the country's leading retail chain Swapno. The move is aimed at strengthening the business and supporting future growth.

The decision was taken at ACI's board meeting on Thursday, according to a disclosure on the company's website. The investment will be made through the subscription of 6.4 million convertible preference shares of ACI Logistics, each with a face value of Tk1,000.

The total subscription amounts to Tk640 crore and is expected to be completed on or before 31 March 2026, subject to approval from the relevant regulatory authorities.

Swapno, the flagship brand of ACI Logistics, is one of Bangladesh's largest organised retail chains, with a widespread presence across the country. The fresh capital is expected to strengthen the balance sheet, expand operations, and enhance supply chain efficiency amid stiff competition in the retail sector.

Market insiders said the move reflects ACI's continued commitment to its retail business, which has been expanding rapidly despite challenges such as rising operating costs and margin pressure in consumer goods. By investing through convertible preference shares, ACI is also maintaining strategic flexibility to manage its stake in the subsidiary over the long term.

In a separate decision, ACI's board approved the formation of a dedicated institution focused on artificial intelligence. The new entity, named ACI Institution of Artificial Intelligence, will receive an initial investment of Tk5 crore and is subject to regulatory approval.

Company officials said the institute will help ACI build expertise in artificial intelligence, data analytics, and digital solutions, strengthening technological innovation across its businesses.

Industry observers noted that the initiative comes at a time when major Bangladeshi conglomerates are increasingly adopting AI to improve efficiency, optimise supply chains, enhance customer engagement, and support research and development. For a diversified group like ACI, AI-driven solutions could impact pharmaceuticals, consumer goods, agribusiness, and retail operations.

ACI PLC is one of the country's leading conglomerates, with operations spanning pharmaceuticals, consumer brands, logistics, and retail.

Advanced Chemical Industries (ACI) PLC has decided to form and establish a dedicated institution focused on artificial intelligence as part of its efforts to strengthen technological innovation and future-ready capabilities across its businesses.

According to a disclosure, the decision was taken at the company's board meeting held on Thursday. The board approved the formation of the institution under the name "ACI Institution of Artificial Intelligence," with an initial investment of Tk5 crore.

The proposed institute will be established subject to the approval of the concerned regulatory authorities.

Company officials said the initiative reflects ACI's strategic intent to invest in advanced technologies and build internal expertise in artificial intelligence, data analytics and related digital solutions.

Industry observers noted that the move comes at a time when large conglomerates in Bangladesh are increasingly exploring artificial intelligence to enhance operational efficiency, optimise supply chains, improve customer engagement and support research and development.

For a diversified group like ACI, AI-driven solutions could play a significant role across its pharmaceuticals, consumer goods, agribusiness and retail operations.

ACI PLC is one of the country's leading conglomerates, with a presence in pharmaceuticals, consumer brands, logistics and retail.

MJL Bangladesh Limited, a leading lubricant and energy company, has reported a year-on-year decline in its consolidated revenue and profit for the first six months of the current fiscal year, as customers faced ongoing economic challenges and increasingly shifted toward lower-cost products.

In the July to December period, the company's consolidated profit decreased to Tk100.88 crore, which is 53.61% lower from Tk217.44 crore in the period of the previous year, according to its financial statements.

The company said changes in consumer purchasing behaviour – driven by cost pressures and cautious spending – negatively affected sales volumes and profit margins during the period. As customers prioritised affordability, demand for premium and higher-margin products weakened.

Since MJL primarily manufactures and markets high-quality products, the growing preference for low-cost alternatives had a direct impact on the company's revenue performance. The shift in consumer demand limited sales growth and exerted pressure on overall profitability during the reporting period.

The share price of the company closed at Tk92.40 on the Dhaka stock exchange on Thursday (29 January).

Revenue down 17.52%

In the July to December period, the company made revenue of Tk2017.53 crore, which is 17.52% lower from Tk2446.12 crore compared to the same period of the previous year, said the financial statement.

In the first six months, its earnings per share stood at Tk3.86, which was Tk6.66 a year ago.

In the October to December quarter, its consolidated profit reduced to Tk4.74 crore, which is down from Tk104.27 crore in the period of the previous year.

In this quarter, the company made revenue of Tk1027.88 crore, which is lower from Tk1200.65 crore compared to the same period of the previous year.

In the October to December quarter, its earnings per share stood at Tk0.80, which was Tk3.23 a year ago.

'No compromise on product quality'

A senior company official, speaking on condition of anonymity, said they never compromise on product quality, which makes its products slightly more expensive than competitors in the market.

"Due to inflationary pressures and challenging economic conditions, customers are increasingly shifting toward lower-cost alternatives, which has affected the sales of high-value, quality products," he added.

Meanwhile, imports of liquefied petroleum gas (LPG) from Iran have become more difficult due to existing sanctions. The company usually imports these raw materials through Singapore. Since these products cannot be imported secretly, the restrictions have directly impacted the company's business operations.

Its net asset value per share stood at Tk52.72 at the end of December 2025.

The company owns a state-of-the-art lube oil blending plant and offers high-performance and authentic lubricants, grease products and other innovative energy solutions to the local market and exports some of its products to the international market as well, according to its financial statement.

In FY25, MJL recommended a 52% cash dividend of their shareholders. As on December 2025, the sponsors and directors jointly hold 71.52%, institutions 22.15%, general investors 6.33% of the company.

Seven state-owned listed companies have bucked the prevailing market trend, delivering a collective profit of Tk1,544 crore in the first half of the current fiscal year despite a broader downturn that has left 56% of all listed firms in the red.

This combined profit represents a significant 47.57% increase over the Tk1,046.65 crore recorded by the same firms during the July-December period of the previous fiscal year.

While these seven leaders flourished, the government's overall portfolio remained mixed, as nine other state-linked firms posted a combined loss of Tk761 crore, though this was a slight improvement from the Tk867 crore loss recorded previously.

Power Grid top profit maker

Power Grid Bangladesh PLC, a state-owned power transmission firm, witnessed a staggering 236% growth in profit in the first half of 2025-26 fiscal year as its total income surged and decreased expenses.

According to its statements, in H1 of FY26, it made a profit of Tk476.63 crore, which was Tk141.68 crore in H1 of FY25.

Its profit in the second quarter during the October to December, however, declined 71.60% to Tk113.09 crore.

Its report showed that its revenue in H1 increased by 9.52% to Tk1,671 crore.

Due to foreign currency volatility for its foreign loans, Power Grid witnessed a significant blow in its profitability.

In the last three fiscal years, it had incurred a loss of Tk1,294 crore, and in the last two fiscals, it failed to declare any dividends for its shareholders.

Regarding its profit growth, Power Grid states its profit surged due to an increase in total income by Tk167.86 crore and a decline in total expenses by Tk167.07 crore.

Oil suppliers sees growth

Of the three listed fuel suppliers, Padma Oil and Meghna Petroleum posted growth in their profit, but Jamuna Oil saw declines in profit by 18% due to not accruing interest in the four merged banks into Sammilito Islami Bank.

Padma Oil's profit surged by 20% to Tk299 crore and Meghna Petroleum by 3% to Tk309.44 crore riding on their non-operating income mostly came from the income of fixed deposits receipts (FRDs).

Jamuna Oil posted a profit of Tk216.81 crore, which was Tk264.11 crore in the same time of the previous fiscal year.

Jamuna Oil said its profit decreased as interest on bank deposits with Sammilito Islami Bank for the period of second quarter of FY26 has not been accrued."

It also said interest accrued for the first quarter of FY26 earlier has been written back; because it is presumed that interest from bank deposits with Sammilito Islami Bank could not be realised.

According to the auditor, Jamuna Oil Company has a total investment of Tk1,541.08 crore in six banks.

Jamuna Oil has investments in FDRs of Tk326.11 crore and Tk393.84 crore in SND accounts at First Security Islami Bank, Tk432 crore in Global Islami Bank, Tk289.49 crore in Union Bank, and Tk18.64 crore in Social Islami Bank.

Besides, it has investments of Tk74 crore in Bangladesh Commerce Bank and Tk7 crore in National Bank, and some institutions that have also faced challenges.

Submarine Cable posts 59% growth

Bangladesh Submarine Cable Company posted a 59% year-on-year growth in its profit in the July to December of FY26.

Its net profit grew to Tk146.66 crore, which was Tk92.21 crore in H1 of FY25, its financial report showed. Its revenue also grew by 29% to Tk251.58 crore.

Regarding growth, Bangladesh Submarine Cable said revenue increased primarily due to a significant rise in IPLC rent, IP Transit service, and co-location service, as well as the substantial efforts of the company's management and supportive government policies.

The company added that the increase in EPS is the result of higher revenue and other income from ordinary business activities, leading to a positive impact on EPS. It also noted that there were no significant extraordinary transactions during this period.

Desco returns to profit

Dhaka Electric Supply Company (Desco) also returned to profit, reporting Tk90.49 crore in earnings compared with a Tk6.07 crore loss a year earlier. Its revenue rose 6% to Tk4,105 crore, as electricity sales increased both in volume and value, driven by growth in customer numbers and industrial and commercial consumption.

Titas's loss narrows

Titas Gas Transmission and Distribution PLC narrowed its loss to Tk390.32 crore in the first half, down from Tk711 crore in the same period last year. The company cited higher operational income and a reduced tax deduction rate as key factors behind the improvement.

ICB hits lower capital gain, interest burdens

The Investment Corporation of Bangladesh (ICB) remained under pressure, posting a Tk311 crore loss in H1, wider than the Tk117 crore loss recorded a year earlier. The institution had absorbed a Tk1,214 crore loss in the previous fiscal year.

Although it earned Tk74 crore in interest income, ICB paid Tk550 crore against deposits and borrowings. Dividend income fell 8% to Tk197 crore, capital gains plunged 81% to Tk33.62 crore, and fees and commission income dropped 29% to Tk59.46 crore. Officials attributed the weak performance to capital market volatility and limited share sales.

Sugar mills loss widens

Losses widened at two listed sugar mills. Zeal Bangla Sugar Mills posted a Tk29 crore loss, up from Tk22.17 crore a year earlier, while Shyampur Sugar Mills reported a Tk12.53 crore loss. Shyampur has remained closed for several years following a government decision amid sustained losses.

Other loss-making companies include Eastern Cables, Usmania Glass Sheet Factory, Atlas Bangladesh and Renwick Jajneswar. National Tubes and Eastern Cables, which were profitable in the same period last year, slipped into losses of Tk4.28 crore and Tk5.65 crore respectively in the first half of FY26.

Eurozone growth beat expectations to reach 1.5 percent last year, official data showed Friday, picking up pace for a second year running in spite of a bruising trade standoff with the United States.

Europe is working to close the gap with economic rivals China and the United States, and spiking tensions with President Donald Trump’s administration over trade have created added impetus to bolster its competitivity.

Last year’s uptick in the single-currency area’s economy builds on the modest 0.9 percent expansion recorded in 2024, after an anaemic 0.4 percent a year earlier.

Analysts at Bloomberg had forecast growth to be 1.4 percent, while the European Commission itself predicted 1.3 percent.

Quarter-on-quarter growth for the eurozone reached 0.3 percent in the last three months of 2025, according to statistics agency Eurostat.

“Accelerating growth in Germany, Spain and Italy, to a lesser extent, made up for slow growth in France,” said ING chief economist Bert Colijn.

The eurozone ended the year with “decent economic growth despite significant uncertainty and economic tension,” he wrote.

Data released Friday in Germany showed its economy grew faster than expected at the end of 2025, expanding 0.2 percent over the year, suggesting a recovery is gathering pace in Europe’s struggling industrial powerhouse.

But annual growth in the eurozone’s second-biggest economy France slowed to 0.9 percent, national data showed, impacted by a disappointing fourth quarter as the government wrestled with passing a new budget.

Spain’s economy meanwhile grew at more than twice the eurozone average last year, expanding 2.8 percent, fuelled by strong consumer demand, rising exports and robust tourism.

The eurozone’s fourth-largest economy has outshone its peers since 2021, supported by low energy costs, domestic consumption and a tourism boom since the end of the Covid pandemic.

Analysts at Capital Economics said they expected Spain to “continue to outperform for some time as high immigration boosts employment and domestic demand.”

Spain’s left-wing government credits immigration for much of the country’s dynamic economic growth of recent years, and has recently moved to regularise around 500,000 undocumented migrants.

ING’s Colijn said the eurozone-wide outlook for 2026 was “becoming more upbeat”, with industrial production expected to benefit from defence investments and German infrastructure spending in particular.

He predicted “accelerated growth over the coming quarters,” noting that even a “modest” pickup would be something to celebrate given the “significant turmoil” in international relations.

But he warned other factors were set to keep dragging on growth, from the uncertain global environment to a loss of competitiveness across the eurozone.

“These broader structural concerns are not being addressed quickly enough at the moment, which curbs longer-term prospects,” he said.

Across the broader 27-country European Union, the economy expanded by 1.6 percent last year, the data showed.

EU leaders will hold talks on competitiveness next month in Belgium as the bloc seeks to revive its economy and foster innovation.

The bloc’s competitiveness push has produced mixed outcomes so far, according to an annual assessment published Friday by the European Commission, which is pushing for stepped-up action.

Of a broad set of indicators examined in the report, six showed declines, six improved and 15 remained broadly unchanged.

Areas showing improvement ranged from the use of artificial intelligence by businesses to renewable energy production and the mutual recognition of diplomas and professional qualifications across member states.

By contrast, the share of intra‑EU trade in the bloc’s economy showed a decline, as did private investment levels and European students’ results in the PISA international education survey.

Navana Pharmaceuticals has posted a year-on-year significant improvement in its financial performance for the first six months of the current 2025-26 fiscal year, driven by higher sales, improved profitability, and stronger operating cash flows.

According to the unaudited financial statements for July to December, the net profit of the company stood at Tk36.27 crore, which is 50.22% higher than Tk24.14 crore compared to the same period of the previous year.

On Thursday, the share price of the company increased by 2.67% to Tk57.60 on the Dhaka Stock Exchange.

In the July to December period, the company's diluted earnings per share (EPS) rose to Tk3.35, which was Tk2.25 in the previous period of FY25.

In October to December quarter, the company's diluted earnings per share (EPS) rose to Tk1.65 for the October-December 2025 quarter, compared to Tk1.00 in the same quarter of the previous year. This represents a year-on-year growth of 65%, reflecting improved operational efficiency and cost management.

The company attributed the earnings growth to a combination of increased net sales, improved gross profit margins, and a reduction in finance costs. Higher revenue generation, supported by better market demand and efficient production planning, played a key role in boosting profitability during the reporting period.

At the same time, lower borrowing costs and prudent financial management helped ease pressure on expenses, further supporting the bottom line.

In addition to earnings growth, the company also recorded a substantial improvement in its operating cash flow position. Net operating cash flow per share increased sharply to Tk8.11 for the July-December 2025 period, compared to Tk3.16 in the same period last year.

The rise in operating cash flow was primarily driven by higher cash receipts from customers, which exceeded cash payments made to vendors and other operating expenses during the period.

Meanwhile, the company's net asset value (NAV) per share also showed steady growth. NAV per share stood at Tk48.32 as of 31 December 2025, compared to Tk45.29 as of 30 June 2025.

The company stated that it remains focused on maintaining operational efficiency, managing costs prudently, and strengthening its financial position amid evolving market conditions.

Incorporated in 1986 in Bangladesh, Navana Pharma produces both human and animal drugs.

The veterinary division manufactures and markets more than 123 high-quality medicines and feed supplements for different segments, including poultry, dairy, and aqua products.

On the other hand, the human health division produces more than 277 drugs – tablets, capsules, oral liquids, ampoules, dry powder vials, powder for suspension, eye drops, creams, ointments, etc.

Navana Pharma sells these products in the domestic and international markets. It exports products to 15 countries.

Singer Bangladesh Limited, a subsidiary of Beko – the flagship brand of Türkiye's Koç Holding – posted a hefty loss of Tk225 crore in 2025, prompting the company to skip dividend payouts for the first time in its history.

Despite recording a 14.3% year-on-year increase in revenue, the company slipped deeper into the red mainly due to a sharp rise in finance costs, which surged 124.7% amid higher interest rates, financing of stretched working capital, lower-than-expected demand realisation, and foreign exchange losses.

Operating and sales expenses also grew faster than revenue, further weighing on profitability, Singer said in its annual corporate declaration.

The company will hold its annual general meeting (AGM) digitally on 20 April, while the record date has been set for 26 February.

Loss widens sharply

Singer Bangladesh, a leading consumer electronics and home appliances maker, reported that its losses widened by Tk175.97 crore, or 359%, in 2025. Loss per share stood at Tk22.56.

Revenue rose to Tk2,132.61 crore in 2025 from Tk1,865.8 crore a year earlier. In 2024, the company incurred a loss of Tk48.93 crore, with a loss per share of Tk4.91, yet paid a 10% cash dividend to shareholders.

Singer attributed its 2024 losses to macroeconomic challenges, despite a 9% growth in revenue that year. In its 2024 annual report, the company had expressed optimism, citing a stabilising external environment and the commissioning of a new plant as factors that could support a turnaround in the current financial year.

In a price-sensitive information (PSI) disclosure, Singer said that although turnover increased in 2025, gross profit margin declined by 2.3 percentage points compared to 2024. Selling prices could not be adjusted to offset higher product costs due to intense market competition, resulting in margin erosion.

Interest expenses soars 138%

Interest expenses jumped 138.3% year-on-year, driven mainly by interest on long-term loans— including IC foreign and syndicated loans—after the commencement of commercial production at the new factory in March 2025. Short-term borrowings also rose alongside higher interest rates, while an 8% depreciation of the euro against the taka since March 2025 added to finance costs through exchange losses.

Net asset value plunges

Singer's net asset value (NAV) dropped sharply to Tk16.8 crore in 2025 from Tk257.4 crore a year earlier. The company attributed the decline to a substantial increase in both long- and short-term debt, including Tk651.3 crore in long-term loans for new manufacturing facilities in an economic zone and Tk1,394 crore in short-term borrowings to meet working capital needs.

Built in 2022 with an investment of $78 million (around Tk800 crore), the factory—spread over 135,000 square metres—aims to localise production by manufacturing about 90% of Singer's products domestically.

This marked the first investment in Bangladesh by Arçelik, the flagship company of the Turkey-based Koç Group, which acquired Singer Bangladesh in 2019.