Key Highlights:
– Profit surpasses Tk500 crore milestone for the first time
– Highest-ever 50% cash dividend declared
– Revenue increases by over 20% to Tk2,838 crore
LafargeHolcim Bangladesh, a prominent cement manufacturer, reported a significant 34% increase in net profit to Tk594 crore in the fiscal year 2023, attributed to effective cost management strategies and a diverse product range.
Simultaneously, the company witnessed a noteworthy revenue growth of over 20% year-on-year, reaching Tk2,838 crore, as disclosed in a statement released on Thursday.
This marked a historic achievement for LafargeHolcim Bangladesh, with net profit crossing the Tk500 crore milestone for the first time in its history, despite the challenging economic landscape characterized by dollar shortages and escalating inflation in Bangladesh.
According to the company, the heightened emphasis on cost management throughout the year significantly contributed to its robust financial performance.
In a significant move, the company’s board announced a 50% cash dividend for shareholders for the fiscal year 2023, marking the highest payout in its history. The earnings per share stood at Tk5.12.
CEO Iqbal Chowdhury attributed the company’s success to its commitment to sustainability and the expansion of its diversified portfolio. He praised his colleagues’ focus on sustainability and the strategic expansion into diversified product offerings.
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Iqbal Chowdhury expressed optimism regarding the company’s performance in 2024, despite geopolitical uncertainties, persistent inflation, and foreign exchange challenges.
Looking ahead, he emphasized the company’s dedication to continued profitable growth and rapid transformation, aiming to establish leadership in innovative and sustainable building solutions in Bangladesh.
The company will convene its annual general meeting on May 14th to approve the dividend and audited financial statements, with the record date set for March 24th. Shareholders will be entitled to the dividend and permitted to attend the AGM until the record date.
On Thursday, the company’s share price closed at Tk74.50 at the Dhaka Stock Exchange.
Iqbal Chowdhury highlighted the company’s commitment to advancing sustainability leadership, aiming to reduce the carbon footprint per tonne in cement production. He reiterated the company’s focus on decarbonizing building processes throughout their lifecycle, contributing to a net-zero future while maintaining solid financial performance.
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