Bangladesh's foreign and local cement firms report mixed financial results in 1QFY24

The Bangladesh foreign and local cement firms listed at the Dhaka Stock Exchange (DSX) improved their earnings in the July-September quarter of FY23-24, overcoming challenges stemming from rising energy costs and the depreciation of the taka currency against the dollar during this accounting period.

According to local media, the cement makers partially offset additional costs by boosting sales prices and taking advantage of the recent reduction in raw materials prices in the global market.

Crown Cement, Heidelberg Cement, and Premier Cement rebounded in the 1QFY24 from losses endured in the same quarter a year ago. However, LafargeHolcim's profit shot up 41 per cent in the three months through September, compared to the same period of the previous fiscal year, while Confidence Cement reported a 42 per cent higher profit YoY for the July-September quarter.

On the other hand, Aramit Cement's and Meghna Cement's performances worsened during the period compared to the same quarter last year.