Quasem Industries’ desired expansion project faces one-year delay
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Wednesday
February 01, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
WEDNESDAY, FEBRUARY 01, 2023
Quasem Industries’ desired expansion project faces one-year delay

Stocks

Rafiqul Islam
28 November, 2021, 08:40 pm
Last modified: 28 November, 2021, 08:52 pm

Related News

  • Macroeconomic factors squeeze Quasem’s business in Sept quarter
  • Quasem Industries to pay the lowest dividend since FY10
  • Quasem Industries starts quartz production with export potential
  • Quasem Industries profit jumps on compensation
  • Quasem Industries goes for expansion

Quasem Industries’ desired expansion project faces one-year delay

Technological advancement has put a squeeze on Quasem’s business, resulting in gradual profit declines for years

Rafiqul Islam
28 November, 2021, 08:40 pm
Last modified: 28 November, 2021, 08:52 pm

Quasem Industries' much desired expansion project to boost its revenue and profit is getting delayed by a year owing to the coronavirus pandemic.

In February 2020, the dry cell industry leader had planned to set up a unit to manufacture artificial quartz products for 100% export to the USA.

The project completion target was June 2021 but Quasem Industries now expects the new unit will go into operation next year.

The technological advancement has put a squeeze on the business of Quasem Industries, resulting in gradual declines in profits for years.

Owing to the decrease in demand for dry cell products, in recent years the company has diversified its business to consumer goods like air freshener, body spray, shaving foam, and aerosols.

The new expansion project, and the business diversification plan have given hope to the company and its shareholders for better profits in the days to come.

"We see a great potential of these products," Tasvir Ul Islam, managing director of Quasem Industries Limited, said in its latest annual financial statements for FY20. "As the first company in Bangladesh, Quasem Industries enters the full-scale manufacturing of artificial quartz products."

"We have faced some delays due to lockdowns. The progress of this project is still in good shape, and we anticipate that we can start business activities within the next year," he added.

"We have faced some delays due to lockdowns. The progress of this project is still in good shape, and we anticipate that we can start business activities within the next year."

By Tasvir Ul Islam, MD of Quasem Industries

In collaboration with the American company Sunstone International LLC, Quasem Industries had planned to manufacture artificial quartz products using its existing factory premises in Tangail.

The project cost was estimated at Tk91.99 crore. In the first year, the net profit was targeted at Tk17.45 crore after completion.

In the existing business, the company made a profit of Tk9.16 crore in the 2020-21 fiscal year from dry cell batteries, consumer products, and by making cans.

As per the company's financials, half of the profit came from government compensation for acquisition of its factory land for constructing a road in Tangail.

Earlier, its net profit was only Tk4.41 crore in FY20, Tk4.87 crore in FY19, and Tk7.93 crore in FY18.

Officials said the development work to set up the new manufacturing unit had started in full swing. But the pandemic, which broke out in Bangladesh in March last year, had delayed the project. It will take more time to be completed.

"In September 2020, we broke ground on the most significant development project with some new international business partners," Dr Reyan Anis Islam, chairperson of the company, said in its annual financial statement.

"But many lockdowns that we have faced since then have caused some delays to the completion of the project. We are now very hopeful of beginning its operations in this sector in the coming year." 

Quasem Dry Cell Company, which obtained its International Standards Organisation (ISO) certification in 1980, got listed on the stock market in 1988 as a blue chip company.

After conducting business for over two decades, to bring about diversification in its products, Quasem Dry Cell changed its name to Quasem Industries Limited in 2017.

Economy / Top News

Quasem Industries

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Will reform pledges to IMF work this time?
    Will reform pledges to IMF work this time?
  • Illustration: TBS
    Think of the poor when adjusting prices
  • Dr Salehuddin Ahmed. Illustration: TBS
    Reforms for country's sake, not just IMF loan

MOST VIEWED

  • Infographic: TBS
    Payment delays put private power producers in trouble
  • Olympic shines amid inflation
    Olympic shines amid inflation
  • Photo: Collected.
    IMF loan fails to revive stocks, DSEX falls for third day
  • Photo: Collected
    Grameenphone retains growth momentum despite ban on SIM sales
  • Apex Footwear's revenue jumped 42% in first half of FY23
    Apex Footwear's revenue jumped 42% in first half of FY23
  • After LPG pull-out, Laugfs launches lubricant brand in Bangladesh
    After LPG pull-out, Laugfs launches lubricant brand in Bangladesh

Related News

  • Macroeconomic factors squeeze Quasem’s business in Sept quarter
  • Quasem Industries to pay the lowest dividend since FY10
  • Quasem Industries starts quartz production with export potential
  • Quasem Industries profit jumps on compensation
  • Quasem Industries goes for expansion

Features

Photo: Collected

Tips to incorporate sustainable construction

18h | Habitat
Photo: Noor-A-Alam

How did mud walls find their way into urban designs?

19h | Habitat
Spotify is among the tech platforms that saw record growth during Covid lockdowns
Photo: DW

Could tech layoffs spread to rest of US economy?

23h | Panorama
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

23h | Panorama

More Videos from TBS

Adani’s shares fell sharply after allegation

Adani’s shares fell sharply after allegation

9h | TBS World
Why was Messi was blocked on Instagram?

Why was Messi was blocked on Instagram?

8h | TBS SPORTS
Who will benefit if the Buriganga Rail Bridge is opened?

Who will benefit if the Buriganga Rail Bridge is opened?

6h | TBS Stories
Bangladesh in better position than Sri Lanka, Pakistan to navigate forex crisis: UCB Asset Management

Bangladesh in better position than Sri Lanka, Pakistan to navigate forex crisis: UCB Asset Management

11h | TBS Insight

Most Read

1
Bapex calls candidates for job test 9 years after advert!
Bangladesh

Bapex calls candidates for job test 9 years after advert!

2
Illustration: TBS
Banking

16 banks at risk of capital shortfall if top 3 borrowers default

3
Representational Image
Banking

Cash-strapped Islami, Al-Arafah and National turn to Sonali Bank for costly fund

4
Photo: Collected
Energy

8 Ctg power plants out of production

5
Photo: Saqlain Rizve
Bangladesh

Bangladeshi university students identified as problematic users of Facebook, internet: Study

6
Photo: Collected
Splash

Hansal Mehta responds as Twitter user calls him 'shameless' for making Faraaz

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]