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.

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.

Steel manufacturer GPH Ispat has reported an 86% year-on-year decline in profit in the first half of Fiscal Year (FY) 2026, citing a sharp fall in revenue alongside persistent operating and finance costs.

According to the company's financial statements, earnings per share (EPS) fell to Tk0.09 in the July–December period, down from Tk0.65 in the same period of the previous FY, blaming the lower sales volumes, which, combined with fixed operating and financing expenses.

In the second quarter alone (October–December), EPS dropped 92% year-on-year to Tk0.04, compared to Tk0.51 in the corresponding quarter of FY25.

The weak half-year performance follows GPH Ispat's first-ever annual loss since its stock market debut in 2012.

In FY25, which ended in June, the Chattogram-based steelmaker posted a loss of Tk24.68 crore, reversing a profit of Tk85.77 crore recorded in FY24. Rising production costs and escalating finance expenses were key factors behind the loss.

Despite the setback, GPH declared a 5% cash dividend for general shareholders for FY25, its lowest payout since listing. The company had paid a 10% cash dividend in FY24, while its highest dividend was 20% in FY21.

In October 2024, GPH sought approval to issue Tk500 crore in preference shares to reduce high-cost debt, but the Bangladesh Securities and Exchange Commission (BSEC) rejected the proposal.

Earlier, the regulator also turned down the company's plan to raise Tk242 crore through a rights issue aimed at capacity expansion.

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.