Two Aramit firms post sluggish performance in Dec quarter

Aramit Ltd and Aramit Cement – two concerns of the Aramit Group – posted dismal financial performances in the October to December quarter of the fiscal 2022-23.

During the period, Aramit Ltd's profit dropped by 28% year-on-year, and Aramit Cement's losses deepened compared to the same period of the 2021-22 fiscal year.

Aramit Group's Company Secretary Syed Kamruzzaman declined to comment in this regard.

Aramit Ltd

In the second quarter of FY23, the company's revenue decreased by 10% to Tk14.74 crore, from Tk16.40 crore in the same quarter of the previous fiscal.

And, its profit decreased to Tk1.34 crore, from Tk1.87 crore in the October to December quarter of the previous fiscal.

At the same time, its earnings per share stood at Tk2.23 and net asset value per share at Tk153.60.

Aramit Ltd was listed on the Dhaka Stock Exchange (DSE) in 1984.

The company has a reputation of making products from scratch. It produces large-section and lightweight corrugated sheets, flat sheets, moldings, and pipes.

The current size of the cement sheet market is around Tk1,100 crore, and this is increasing by 10% every year.

Anwar Cement Sheet has taken over more than 50% of the market, while Aramit Ltd has 25%. Woodland and Mariam each have a 10% share in the sheet market.

Aramit Cement

Aramit Cement's revenue in the December quarter decreased by 83% to Tk6.86 crore, from Tk39.87 crore in the same period of the previous fiscal year.

During the period, the cement maker suffered a loss of Tk26.07 crore because of the price hike of raw materials, and sluggish business.

Its loss per share stood at Tk7.69 and net asset value per share at Tk4.93 as of December 2022.