BPCL reported that Dividend includes a special dividend of Rs 7,592.38 crore. The government will also get Dividend Distribution Tax (DDT) with Rs 6,665.76 crore from it. The government has been selling its entire 52.98 per cent stake in BPCL.
New Delhi. Public sector Bharat Petroleum Corporation Limited (BPCL) has announced a record dividend. The company said that the board of directors has recommended a final dividend of Rs 58 per equity for the financial year 2020-21. This includes a one-time special dividend of Rs 35 on a share of Rs 10. This recommendation is subject to the approval of the shareholders. The company said that a total dividend of Rs 12,851 crore will be given. More than half of this amount will be given to the government. The government has started the process for privatization of the company.
BPCL said that the total dividend included a special dividend of Rs 7,592.38 crore. The government will also get dividend distribution tax with Rs 6,665.76 crore from this dividend. The government is selling its entire 52.98 per cent stake in BPCL. This dividend is in addition to the interim dividend of Rs 21 per share paid earlier in the financial year 2020-21. However, the company did not say why it paid a record dividend. Explain that BPCL acquired Rs 9,876 crore by selling 61.5 per cent stake in Numaligarh Refinery in Assam to Oil India Limited (OIL), Engineers India (EIL) and Assam Government (Assam Government) group.
The state-owned oil company bought the 36.62 per cent stake in OQSAOC, now known as Oman Oil Company, at Bina Refinery for Rs 2,399.26 crore. The company received a net of Rs 7,477 crore in this purchase. This amount is almost equal to the special dividend declared on Wednesday. The company had a net profit of Rs 19,041.67 crore on a single basis in the financial year 2020-21. The reason for the record profit is better refining margins due to stock sales remaining with the stake sale. The company had a profit of Rs 2,683.19 crore in the financial year 2019-20.
In case of foreign exchange, a profit of Rs 199 crores was achieved
The company’s net profit in the January-March quarter of FY 2020-21 was Rs 11,940.13 crore, compared to Rs 2,777.62 crore in the same quarter of FY 2019-20. The company earned $ 4.06 per barrel for converting crude oil into fuel, compared to $ 2.50 per barrel gross refining margin last year. Apart from this, in the last financial year, the company also achieved a profit of Rs 199.75 crore in terms of foreign currency, whereas in the previous year it had a loss of Rs 1,662.34 crore.
