Premier Cement's net profit jumps 28-fold in Q2
Premier Cement witnessed over 28 folds jump in net profit year-on-year in the second quarter of the current fiscal year supported by a buoyant growth in revenues.
The local cement maker registered a net profit of Tk22 crore during the October-December quarter, a big leap from Tk0.75 crore net profit posted during the same period a year earlier.
In the quarter, its revenue surged by 29% to reach Tk662 crore riding on a 23% growth in the volume of sales to 8.20 lakh tonnes, as per the company's financial statement.
Keep updated, follow The Business Standard's Google news channel
The company's half-yearly revenues, however, grew at a higher rate or 45% to reach Tk1,289 crore in July-December period with Tk27.73 crore net profit.
In the October-December quarter, Premier Cement's exports climbed by over 45% to Tk20 crore compared to the level of the last fiscal's second quarter.
Speaking to The Business Standard, Mohammed Amirul Haque, the managing director termed this performance "admirable" amid challenges across the industries stemming from inflation and foreign currency shortage.
Premier Cement suffered losses in the last two fiscal years. As a result, its cash dividend payments to the shareholders slipped from 20% to 10% cash.
Meanwhile, the company's share price surged by nearly 5% on Sunday compared to the previous session amid a bearish market condition, concluding at Tk57.20, according to the company's financial report posted on the Dhaka Stock Exchange.
Currently, Premier Cement have a total daily production capacity of 19,040 tonnes, placing it close to the market leader - Shah Cement.
In terms of sales, it secured the second position in the cement market, said its Company Secretary Kazi Md Shafiqur Rahman.
