CVO Petrochemical Refinery's profit increased in the second quarter of fiscal 2024-25 thanks to a strong growth in turnover.

The company posted a 45 percent year-on-year profit growth in Q2, reaching Tk 2.66 crore. 

Shares of the company gained 2.80 percent in mid-day trading on the DSE, reaching Tk 121.2.

The earnings per share (EPS) for October-December rose to Tk 0.96, up from Tk 0.66 during the same period in 2023, according to a disclosure on the Dhaka Stock Exchange (DSE).

The company attributed the EPS growth to a rise in turnover during the quarter.

The positive result in the latest quarter helped CVO to record EPS of Tk 1.88 during the July-December period, compared to Tk 1.76 a year earlier. 

Additionally, net operating cash flow per share (NOCFPS) surged to Tk 2, up from Tk 0.78 during the corresponding period in 2023. 

The company mentioned higher customer collections outpacing payments to suppliers, employees, and operating expenses for the NOCFPS growth, as per the disclosure. 

Founded in 1984 as Chittagong Vegetable Oil Industries, CVO transitioned into petroleum production in 2010. Its condensate fractionation plant has been producing motor spirit, high-speed diesel, and mineral turpentine since April 2014.