Mobil Jamuna Bangladesh, a listed lubricant seller, is going to add another oil tanker to its fleet in order to increase its oil trading capacity as well as rent the vessel out to others.

Mobil Jamuna Bangladesh, formerly known as Mobil Jamuna Lubricants, is a joint venture between the state-owned Jamuna Oil Company and EC Securities Limited, a subsidiary of East Coast Group.

The company disclosed yesterday that its board of directors decided to purchase an AFRAMAX Oil Tanker at an agreed price of $29.75 million and additional $976,000 for bunkers, spares, lubricants, registration and legal cost.

A top official of Mobil Jamuna Bangladesh, preferring anonymity, said the company already has one oil tanker but the board decided to buy another as sales are rising.

"The new tanker will be used to carry our products like crude oil and for giving rent to other companies," he said.

Mobil Jamuna Bangladesh currently rents tankers from other oil companies for the same purpose as per the company's needs.

"So, it will save our costs and add more revenue," he said, adding that the oil tanker would be bought from abroad.

Stocks of Mobil Jamuna Bangladesh closed at Tk 89.10 at the Dhaka Stock Exchange (DSE) yesterday.

The company's paid-up capital is Tk 316 crore, according to DSE data.

Consolidated earnings per share (EPS) of Mobil Jamuna Bangladesh dropped to Tk 1.43 for the January-March period of 2022 against Tk 2.09 for the same period the previous year, the company said in a separate disclosure.

In the nine-month period between July 2021 and March 2022, the company's EPS was Tk 4.81 while it was Tk 5.73 a year earlier.