DHAKA: United Power Generation and Distribution Co. Ltd. (UPGDCL) held its 7th and 8th Annual General Meetings at the Golf Garden, Army Golf Club in Dhaka on Wednesday amid considerable participation from the shareholders.
UPGDCL, the first and only Commercial Independent Power Producer (CIPP) in Bangladesh, announced 30% cash dividend and 10% stock dividend for the year ended 2014 and 35% cash dividend for the year ended 2013.
UPGDCL’s net profit in 2014 stood at Tk. 2,464.63 million, which is an increase of 38.90% from 2013. The profit increase is attributed to operational and cost efficiency as well as steady growth in revenue and cash flows for the company. Consequently the Earnings per Share of the company also improved from Tk. 5.98 to Tk. 8.30. This was UPGDCL’s first public AGM since its public listing in the beginning of the year.
UPGDCL earned Tk. 4,463.32 million revenue in 2014, registering a 34.43% rise from 2013. The growth was mainly from increase in electricity production and sales price per unit.
The Chairman also informed that, UPGDCL has decided to enhance its capacity by acquiring United Ashuganj Power Ltd (UAPL)- a 53MW gas fired power plant and Shajahanullah Power Generation Co. Ltd (SPGCL)- a 28MW gas fired power plant without any addition to its current capital base. He also informs the acquisition will be completed within next 90 days upon completion of necessary formalities and approvals.
General Md. Abdul Mubeen (Retd.), Chairman of UPGDCL, Mr. Hasan Mahmood Raja, Chairman of United Group & Director UPGDCL, Mr. Moinuddin Hasan Rashid, Managing Director UPGDCL were present along with the other board members, and senior officials of the company.
General Md. Abdul Mubeen (Retd.) thanked all the shareholders for showing their confidence on UPGDCL.