LafarceHolcim posts record profit in 2022 despite challenging year
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LafarceHolcim posts record profit in 2022 despite trough year
The cement maker declares total 48pc cash dividend
FE ONLINE REPORT
Despite a challenging year for the whole cement industry, LafargfeHolcim Bangladesh reported a record net profit in 2022 riding on innovation, new products, and new distribution channels.
The multinational cement manufacturer raked a net profit of Tk 4.45 billion for the year ended December 2022, the highest net profit since listing in the stock market in 2003.
“Launching of new products and acceleration of our waste management services contributed significantly to the record results,” said Iqbal Chowdhury, CEO of LafargeHolcim Bangladesh.
As a result, the cement maker’s earnings per share (EPS) stood at Tk 3.83 for 2022 as against Tk 3.34 in the previous year, the company said in a statement on Thursday.
Based on the profit, the company declared a record dividend of 48 per cent cash in total for 2022 as the company declared final 15 per cent cash dividend on Thursday.
Earlier, the cement maker disbursed 15 per cent and 18 per cent interim cash dividend in two phases.
The top-tier cement producer’s sales revenue also rose 15 per cent year-on-year to Tk 23.59 billion for the year ended December 2022.
“2022 was a commendable year for LafargeHolcim Bangladesh, as we delivered record performance both in profitability and cash generation,” said Mr Chowdhury.
“We launched new sustainable products, like “Supercrere Plus”, ensured growth in aggregates business, increased our digital footprint and gained traction in our new business channels”.
Mr Chowdhury said LafargeHolcim Bangladesh continued to advance its leadership in sustainability with the “Geocyle”, the waste management initiatives towards our goal of becoming carbon neutral by 2050.
“We are poised for 2023 as we look to continue introducing new innovative and sustainable building material solutions in the Bangladesh market. This will further differentiate us in the market.”
In 2021, the company’s annual net sales increased by 27 per cent to Tk 20.53 billion and net profits jumped 64 per cent to Tk 3.88 billion while the company paid a 25 per cent cash dividend.
Listed in 2003, its share price remained stuck at floor at Tk 64.80 each.