LafargeHolcim’s profit more than doubles

LafargeHolcim Bangladesh's profit rose 102 per cent year-on-year to Tk 190.9 crore in the first quarter of the current financial year riding on higher sales driven by new products and innovative solutions.

The multinational cement manufacturer made a profit of Tk 94.5 crore in the January-March quarter of 2022, according to a press release.

Thus, LafargeHolcim reported earnings per share of Tk 1.64 for January-March this year against Tk 0.81 in the three months to March of 2022.

Shares of the company, however, fell 1.72 per cent to Tk 68.40 on the Dhaka Stock Exchange yesterday.

Operating profit before interest and taxes reached Tk 243.2 crore, a year-on-year increase of 90 per cent despite challenging market conditions.

Net sales surged 37 per cent to Tk 854.6 crore backed by new products and innovative solutions.

In the press release, Iqbal Chowdhury, chief executive officer of LafargeHolcim Bangladesh, said: "The first quarter's performance demonstrates the strength of our diverse product portfolio and strategic presence driven by innovative products, high-value solutions, digital footprint and new channels."

He said the company would continue to focus on the expansion of channels, aggregates business, new products and solutions and enhance its digital footprint to ensure sustainable growth.

LafargeHolcim Bangladesh also said the rest of 2023 would be challenging as geopolitical uncertainty and inflationary pressure continues.

"Despite that we are optimistic and well-poised to deliver strong performance, as we demonstrated in the previous quarters."

Operating in Bangladesh for almost two decades, LafargeHolcim Bangladesh has invested about $500 million in building one fully integrated cement plant and three grinding plants.

It has provided direct and indirect employment opportunities for more than 3,000 people, said the press release.