Nahee Aluminum sees double profit in March quarter

Nahee Aluminum Composite Panel has witnessed a big jump in sales and profit in the January-March quarter of the current fiscal year due to its revised product prices.

The revenue and profit of the country's pioneer in manufacturing Aluminum Composite Panels (ACP) rose by 92% and 110%, respectively, compared to the same period of the previous fiscal year.

Also, its revenue and profit in the nine months through March grew by 37%, and 46%, respectively.

"Overall revenue and profits jumped mainly for revising product prices, and big sales volume," said Mohammad Jahurul Islam Sheikh, company secretary of Nahee Aluminum.

"Internationally, raw material prices rose more than 60% while products prices went up only 30%. The product that used to sell for Tk100 is now worth Tk130," he added.

Jahurul said the company also had extraordinary sales in the third quarter, which contributed to the increase in revenue.

In the January-March period, its total revenue rose to Tk37.20 crore, an increase from Tk19.35 crore in the same previous of previous fiscal year.

Also, its net profit stood at Tk8.83 crore, which was Tk4.21 crore in January-March of FY21.

In the first nine months of fiscal 2021-22, the revenue rose to Tk71.03 crore and profit to Tk16.45 crore, up from Tk51.82 crore and Tk11.21 crore, respectively, from a year ago.