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LafargeHolcim profit jumps 102% in Q1

Staff Correspondent
09 May 2023 00:00:00 | Update: 09 May 2023 00:11:54
LafargeHolcim profit jumps 102% in Q1

Cement maker LafargeHolcim Bangladesh Limited (LHBL) posted a 102 per cent year-on-year jump in net profit to Tk 191 crore in the first quarter of 2023.

The publicly traded company’s operating earnings before interest and taxes (EBIT) stood at Tk 243 crore in the January-March quarter this year, a growth of 90 per cent over the same period last year.

Meanwhile, the multinational’s net sales jumped by 37 per cent to Tk 854 crore in the first quarter of 2023 compared to Tk 625 crore in 2022.

Its earnings per share (EPS) increased to Tk 1.64 for the January-March quarter this year against Tk 0.81 for the same quarter last year.

Iqbal Chowdhury, chief executive officer of LHBL on Monday said, “The first quarter’s performance implies the strength of our diverse product portfolio and strategic presence, driven by innovative products, high-value solutions, a digital footprint, and new channels.”

“We are also supporting our customers with sustainable waste management solutions through Geocycle. I wholeheartedly thank all our employees, along with our valued channel partners and stakeholders, for this strong start in the year,” he added.

“In the given market context, we shall continue to focus on the expansion of channels, businesses aggregations, and new products and solutions in the market, and at the same time enhance our digital footprint in Bangladesh to ensure sustainable growth,” Iqbal Chowdhury continued.

The company said the geocycle continued to offer long-term solutions to the country’s waste management challenges.

More than 8,000 tonnes of diverse waste streams were safely disposed of during the quarter, which clearly accelerated the green growth agenda of the company.

“Our journey for cost leadership remained a focal point during the quarter and had a very positive impact on the overall result,” the company said.

LafargeHolcim Bangladesh declared a 48 per cent final cash dividend to its shareholders for the year 2022, the highest since its incorporation.

Its earnings per share stood at Tk 3.83 for the year ended in December 2022, up from Tk 3.34 for the year ended in December 2021.

LHBL is a frontline cement producer in Bangladesh. Operating for almost two decades, it has invested $500 million in building one fully integrated cement plant and three grinding plants, the largest foreign direct investment in the sector.