LafargeHolcim Bangladesh Ltd (LHBL) posted a 66 per cent year-on-year higher profit in the first half of 2023 riding on higher sales and prices, the multinational cement manufacturer said yesterday.
The company recorded Tk 361.5 crore in net profit in the six months to June from Tk 217.3 crore in the same period a year earlier, according to its unaudited financial statements.
For all latest news, follow The My News’s Google News channel. The earnings per share rose to Tk 3.11 from Tk 1.06.
The EPS went up on the back of increased aggregate sales and prices of cement. Sales jumped 35 per cent to Tk 1,525.6 crore in January-June.
“Our diverse product portfolio, efficient route to market, digital footprint, countrywide distribution network, and aggregates business played a significant role in ensuring the healthy growth momentum,” said Iqbal Chowdhury, chief executive officer of the cement company, in a press release.
Sales and profit growth were lower in the second quarter compared to the January-March period.
Revenue was up 34 per cent year-on-year to Tk 671 crore in April-June.
Thus, the EPS stood at Tk 1.47 in the second quarter, an increase of 39 per cent from a year prior.
Shares of LHBL dropped 0.29 per cent to Tk 69.30 on the Dhaka Stock Exchange yesterday.
According to the press release, Geocycle, a waste management facility of LHBL, is serving the nation as part of its commitment to a zero-waste future, reducing carbon emissions while generating alternate fuel sustainably.
“Most importantly, we have our clear focus on key long-term value creation through de-carbonisation,” Chowdhury added.
Operating for almost two decades in Bangladesh, LHBL has invested $500 million, the largest foreign direct investment in the cement sector in the country, building a fully integrated cement plant and three grinding plants.
It is a joint venture of Holcim Group based in Switzerland and Cementos Molins headquartered in Spain.