Lubricant blender and supplier MJL Bangladesh reported consolidated net profit of 600.7 million taka (U.S. $5.6 million) for the quarter, a 32% jump from Tk 455.4 million in the same period in 2021.

Consolidated net sales revenue for the quarter rose 22% to Tk 7.5 billion, improving from Tk 6.1 billion.

Products manufactured by MJL include automotive, industrial and specialty lubricants. The automotive lubricants include motor oils for passenger cars, motorcycles and buses, along with related lubricants, such as gear oils, automatic transmission fluids, greases and brake fluid.

The Dhaka-based company is a joint venture between Jamuna Oil Co. – owned by Bangladesh’s government – and EC Securities Ltd. MJL supplies ExxonMobil’s Mobil lubricants brand by blending the products locally and importing them, along with its own Omera Lubricants brand.

Lub-rref

Lub-rref said that net profit for the quarter increased 3% to Tk 72.8 million, compared to Tk 70.5 million. Operating profit for the quarter rose 15% to Tk 131.6 million, up from Tk 114.4 million.

The company’s net sales revenue was up 7% at Tk 454.2 million, compared to Tk 426.2 million.

Headquartered in Chittagong, Bangladesh, the company markets finished lubricants under its BNO brand name.

Eastern Lubricants Blenders

Eastern Lubricants Blenders, which blends lubricating oils and greases, reported a large jump in net profit of 515% to Tk 7.5 million for the quarter, improving from Tk 1.2 million. Operating profit also rebounded to Tk 5.7 million, compared to a Tk 2.6 million operating loss.

Sales revenue for the quarter experienced a whopping 2,143% increase to Tk 133.6 million in the quarter, up from only Tk 6 million.

Chittagong, Bangladesh-based Eastern Lubricants is a subsidiary of state-owned Bangladesh Petroleum Corp.