Corporate
bKash generates Tk70cr profit in March quarter
The country’s leading mobile financial service (MFS) provider bKash has generated Tk70 crore in profit in the first quarter, marking 95% year-on-year growth.
The steady increase in profits can be attributed to the fintech company’s strategic expansion of services, enhanced user experience, and a growing customer base, according to its officials.
They added that it has successfully leveraged technological innovations to streamline operations and offer a diverse range of financial products, from mobile payments to micro-savings and loans.
Moinuddin Mohammed Rahgir, chief financial officer (CFO) of bKash, told the news reporter, “During the early stages, customer-centric fintech companies like bKash with a sustainable business model needed patient capital and a growth mindset. It was a prerequisite to invest in the expansion of technological capabilities, infrastructure, digital literacy, and awareness.”
“bKash remains a textbook example of a company pursuing growth, including the expansion of its service platform, customer acquisition, and maintaining its agent network. Now, steady returns on those investments are bringing revenue growth,” he added.
In the January-March quarter of 2024, the company’s operating profit also jumped over 500% to reach Tk76.22 crore. Besides, its revenue grew by 24%, reaching Tk1,214 crore, compared to the equivalent period of last year.
Meanwhile, the robust growth in profit helped bKash – also a subsidiary of BRAC Bank – offset the accumulated loss after four years, posting Tk15.78 crore as retained earnings in the March quarter.
The financial service provider had been profitable until 2018 since its inception in 2011, but it suffered significant losses between 2019 and 2021.
BRAC Bank holds 51% shares of bKash, while Money in Motion LLC of the US owns 16.45%, Alipay Singapore E-Commerce 14.87%, International Finance Corporation 10.36%, and SVF II BEAM (DE) LLC 7.32% shares.
Junior Chamber International (JCI) Dhaka West has officially announced the formation of its new executive committee for the upcoming year, 2025. The organization unveiled this dynamic group of leaders during a recent general assembly held on Tuesday, December 17th in Dhaka.
At the helm of this new committee is Sujaur Rahman Emon, who has been appointed as Local President, poised to lead the chapter into a promising year ahead. Assisting him in steering the organization’s goals is Executive Vice President (EVP) Subah Afrin and Md Imam Hasan, while S M Belal Uddin takes on the role of Immediate Past Local President (IPLP).
Other board members include Vice President (VP) Md Saddam Hossain, Md Tanvir Hasan, and Audrika Eshna Purbasha, Secretary General (SG) Ibrahim Khalil Foysal, Treasurer Md Sameen Rahman, General Legal Counsel (GLC) Jiban Ahmad, Training Commissioner Masud, Directors Daud Mahmud Aovin, Jeba Maliha, Arianul Islam, Shurovy Yeasmin, Ahmed Wazedul Haque Khan, and Md Sabbir Hasan, Executive Assistant to Local President Reyel Ahmed Opu, and Committee Chair Md Robiul Islam, Abdur Rahman Khan Bappy.
Mohammad Mahmudur Rahman, 2024 National Director of JCI Bangladesh and 2023 Local President of JCI Dhaka West, served as the Election Commissioner. Before announcing the new Executive Committee of JCI Dhaka West, the organization’s fourth General Members’ Meeting (GMM) for 2024 was held.
“We will put our full effort into spreading positive impacts through sustainable development initiatives across the nation,” said newly elected Local President Sujaur Rahmaan Emon.
Junior Chamber International (JCI) is a vibrant organization, comprising individuals aged between 18 and 40, known for their unwavering dedication to community service and development. The global headquarters of JCI is situated in St. Louis, Missouri, USA, and its impact extends to over 35 local chapters throughout Bangladesh. JCI Dhaka West proudly stands as the largest and most prominent among these local organizations.
The National General Assembly of Junior Chamber International (JCI) Bangladesh, an international organization for young leaders, has formed its new National Executive Committee for 2025. Arefeen Raafi Ahmed has been elected as the Deputy National President of JCI Bangladesh.
The General Assembly took place on Friday, December 6, at Hotel Le Méridien in Dhaka. After the assembly, elections were held to select the president and other executive committee members. The election process was overseen by former JCI Bangladesh President Md. Ziaul Haque Bhuiyan.
Upon being elected as Deputy National President, Arefeen Raafi Ahmed said, “My focus will be on empowering our members. Everyone possesses unique skills, talents, and perspectives that can contribute to JCI’s growth. I am committed to providing opportunities for skill development, mentorship, and networking, enabling each member to reach their full potential within our organization. Together, we can create a positive impact on our community, empower our members, and build a stronger, more connected JCI Bangladesh.”
Arefeen Raafi Ahmed holds a Bachelor’s degree in ICT (Information and Communication Technology) from Western Sydney University, Australia. He is the Executive Director of Techno Drugs Limited and the Managing Director of Pulse Tech Limited, a leading healthcare technology company in Bangladesh. He also serves as the Managing Director of GreenTech Holidays Limited, a travel and tourism-based company. Previously, he served as the Local President of JCI Dhaka Entrepreneurs in 2021, Vice President of JCI Bangladesh in 2023, and Executive Vice President of JCI Bangladesh in 2024. He has also been honored as a JCI Senator.
Junior Chamber International (JCI) is a global organization for young people aged 18 to 40. Headquartered in St. Louis, Missouri, USA, JCI operates in more than 120 countries with over 200,000 members worldwide. In Bangladesh, JCI currently has around 40 local chapters, working to foster personal development among young individuals by enhancing their skills, knowledge, and intellect.
Ningbo Cixing Co., Ltd. (“Cixing”), a global leader in knitting machinery and technology, successfully hosted the ‘Cixing Bangladesh Night Products Promotion Meeting’ at the Radisson Blu Dhaka Water Garden on Tuesday.
The event brought together key industry stakeholders, including the owners and executives of over 300 influential sweater production companies in Bangladesh. BGMEA Fashion Technology University (BUFT), a well-known fashion school in Bangladesh, also participated in jointly exploring cooperation with high-end talent in the knitting industry.
In a significant move towards developing future talent, Cixing also signed a series of cooperation agreements with famous local companies, including BSKL and Cixing, Knit Asia and Cixing, Bettex and Cixing, NEXUS and Cixing, TWELVETEX and Cixing, and SWEATERTECH and Cixing, which marks a new chapter in the cooperative relationship.
A captivating grand fashion show to release the latest work of the Cixing sweater design team, showcasing Cixing’s products, technology, and unique industrial advantages, underlining its potential to revolutionize the local industry and establish more profound and long-term partnerships with new and old customers.
Frank Sun, Chairman of Ningbo Cixing Group, delivered a speech, saying that as the world’s leading provider of intelligent knitting equipment and digital knitting factory solutions, Cixing Group has been committed to promoting innovation and development in the knitting industry.
“We attach great importance to research and development work, with an average annual R&D investment of over 12 million US dollars in recent years to ensure the company’s sustainable development. Our technology, products, and services have spread all over the world. In 2023, nearly 30,000 units have been sold. Sales in 2024 are expected to be 40,000 units. Up to now, the global market share of Cixing products has risen to almost 30% with about 300,000 units in operation worldwide,” Sun said.
“The chairman stressed that Bangladesh, as a major manufacturing hub for the global clothing industry, has always been our focus of attention,” said Sun, adding that “We believe that through our joint efforts, we can bring revolutionary changes to Bangladesh’s textile industry, enhance industrial competitiveness, create more job opportunities, and contribute to Bangladesh’s economic development.”
Cixing’s efforts underscore a shared vision for innovation and excellence in knitwear production, marking a new chapter of cooperation and development for Bangladesh’s textile industry.
