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Premier Cement Mills PLC suffered a thumping loss of nearly Tk 113 crore in the fiscal year 2021-2022, but the cement maker did now share its woes with its shareholders.
Although it incurred a titanic loss in the last fiscal year, the publicly traded company will be giving a 10 per cent cash dividend to its shareholders for the fiscal.
The cement maker posted a net profit of Tk 65.17 crore in the fiscal year 2020-21.
An extravagant rise in raw material prices resulting in a big jump in production cost wiped out the company earnings in FY22, the company said.
The company’s board of directors on Tuesday declared a 10 per cent cash dividend to its shareholders, which is Tk1 per share, for FY22, according to a Dhaka Stock Exchange (DSE) filing.
The Chattogram-based cement maker had given a 20 per cent cash dividend for FY21 to its shareholders.
The listed company reported a consolidated loss per share of Tk 10.70 for the year ending in June 2022.
It had reported earnings per share (EPS) of Tk 6.18 in FY21.
The company’s consolidated net asset value (NAV) per share fell to Tk 67.13 in FY22 from Tk 79.83 in the previous fiscal.
Its consolidated net operating cash flow per share (NOCFPS) slipped to Tk 5.26 last fiscal from Tk 6.31 in FY21.
The cement manufacturer also published its first half-yearly financial report of the current fiscal year yesterday.
Although the company made a net profit of Tk 73.81 lakh in the second quarter of the fiscal 2022-23, it reported a half-yearly net loss of Tk 25.84 crore due mainly to a monstrous loss in the July-October quarter of the current fiscal.
The company reported this half-yearly loss at a time when the country’s cement makers were facing blues due to the rising raw material costs in the global market.
Despite the ongoing headwinds, Premier Cement, however, remains confident in overcoming the situation with its long-term growth prospects and ability to navigate adversities, market insiders said.
The company’s board acknowledged that it was in a challenge but pledged its commitment to returning to profit again in the coming quarters.
The subsidiary of TK Group, one of the country’s largest business conglomerates, got listed on the DSE in 2013.
With a daily production capacity of 8,000 tonnes of cement, the company has a strong distribution network across the country.
Despite the difficult operating environment, Premier Cement remains committed to delivering high-quality products and services to customers.
The company is scheduled to hold its annual general meeting (AGM) on March 28. It has fixed the record date as March 6 for the share splits.
The company has a paid-up capital base of Tk 105 crore.
Premier Cement shares closed at Tk 44.50 per share on the DSE trading floor Tuesday.
Premier Power Generation Limited (PPGL) is a 96 per cent holding subsidiary company of Premier Cement Mills.
Incorporated in September 2006, the PPGL plant locates in West Mukterpur of the Munshiganj District.
Initially, the plant was installed with one gas-based generator and two diesel-driven generators with a total capacity of 5.34 MW.
