MJL Bangladesh Limited

MJL Bangladesh PLC (Bengali: এমজেএল বাংলাদেশ লিমিটেড) (DSE: MJLBD,[3] CSE: MJLBD[4]) widely known as Mobil Bangladesh, formerly known as Mobil Jamuna Lubricants Limited, is a company that is jointly owned by Jamuna Oil Company, a subsidiary of government-owned Bangladesh Petroleum Corporation and EC Securities Limited, a subsidiary of East Coast Group.[5] Azam J Chowdhury is the Managing Director of the MJL Bangladesh Limited.[6] M. Mukul Hossain is the Chief Executive Officer of the company.[7] It markets products of ExxonMobil as the strategic alliance partner of the company in Bangladesh.[8][9]

MJL Bangladesh Limited
TypePublic
DSE: MJLBD
IndustryFuel & Power
Founded1998 (1998) in Dhaka, Bangladesh
HeadquartersMobil House, Gulshan Avenue,
Dhaka
,
Bangladesh
Area served
Bangladesh
Key people
Azam J Chowdhury (Managing Director)
Products
RevenueIncreaseUS$250 million (2019)
IncreaseUS$14 million (2019)
Subsidiaries
  • Omera Petroleum Limited [1]
  • Omera LPG
  • Omera Cylinders Limited [2]
  • MJL & AKT Petroleum Company Limited [2]
Websitemjlbl.com

History

MJL Bangladesh Limited was established as Mobil Jamuna Lubricants Limited in 1998 by Jamuna Oil Company, a subsidiary of the state owned Bangladesh Petroleum Corporation and Mobil Corporation. The company was founded at the initiative of Mobil. In 2003, a Lube Oil Blending Plant was established by the company; which was the first lube oil factory in Bangladesh. The base oil to blend lubricant products in the factory comes directly from ExxonMobil.[10] ExxonMobil disinvested from the company in 2003 that made EC Securities Limited the largest shareholder of the company.[11]

In 2010, MJL Bangladesh Limited entered into the stock market by issuing IPO worth 4.60 billion taka on Dhaka Stock Exchange; setting a record for the second largest IPO in Bangladesh.[12]

In 2013, MJL Bangladesh Limited signed an agreement with AKT Petroleum Ltd to launch a joint venture in Myanmar to market Mobil branded lubricant's in the country.[11] The company owns Omera LPG which sells liquefied petroleum gas for domestic consumption.[13] In 2017, the company gave 45 percent cash dividend to its shareholders. It's profit in 2017 was 1.9 billion taka.[14] In 2018 profits rose by 14 percent for the company.[15]

In 2020, sales of the company declined for the first time in three years.[16]

Subsidiaries

Omera Petroleum Limited

Omera Petroleum Limited is a subsidiary of MJL Bangladesh Limited. Omera Petroleum Limited manufactures and distributes liquefied petroleum gas (LPG) in Bangladesh. [2]

Omera Cylinders Limited

Omera Cylinders Limited manufactures cylinders and works as a backward integration company. [2]

MJL & AKT Petroleum Company Limited

MJL & AKT Petroleum Company Limited is a joint venture between MJL Bangladesh Limited and AKT Petroleum Limited that markets Mobil lubricants in Myanmar. [11]

References
  1. "Omera Petroleum Limited – East Coast Group".
  2. "Equity Note on MJL Bangladesh Limited".
  3. "Company Information: MJLBD". Dhaka Stock Exchange.
  4. "Company Information – MJLBD". Chittagong Stock Exchange.
  5. "Company profile: MJL dividends remain steady in three years". The Financial Express. Retrieved 19 October 2020.
  6. "Business Person of the Year". The Daily Star. 6 July 2019. Retrieved 19 October 2020.
  7. "Omera Petroleum Ltd introduces 25kg LPG cylinder". The Daily Star. 7 May 2019. Retrieved 19 October 2020.
  8. "Mobil Partners' Meet 2019 held in city". The Financial Express. Retrieved 19 October 2020.
  9. "MJL Bangladesh Limited". mobil.com. Retrieved 19 October 2020.
  10. "About MJLBL". mjlbl.com. Retrieved 19 October 2020.
  11. "MJL Bangladesh forms joint venture in Myanmar". The Daily Star. 19 July 2013. Retrieved 19 October 2020.
  12. "Eyes on record shares". The Daily Star. 26 November 2010. Retrieved 19 October 2020.
  13. "Omera to get $20m from IFC". The Daily Star. 12 October 2018. Retrieved 19 October 2020.
  14. "MJLBL okays 45pc cash dividend". The Daily Observer. Retrieved 19 October 2020.
  15. "MJL's profit rises 14.41pc in Q3". The Daily Star. 16 May 2018. Retrieved 19 October 2020.
  16. "MJL Bangladesh sales drop for first time in 3 years". The Business Standard. 5 February 2020. Retrieved 19 October 2020.


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