State-run oil companies see double-digit profit growth

The three state-run oil companies in Bangladesh – Jamuna Oil, Meghna Petroleum, and Padma Oil – reported double-digit profit growth in the first nine months of the current fiscal year, despite a decline in sales. This growth was primarily driven by higher bank deposit interest incomes, benefiting from the rise in interest rates, rather than from their core operations. The companies’ profits rose between 11% and 28% year-on-year, boosted by the increased non-operating income from bank deposits.