Premier Cement Mills' profit balloons in 2QFY23-24

Premier Cement Mills PLC, the second-largest cement maker in Bangladesh, uploaded its financial results on the Dhaka Stock Exchange (DSX) on 28 January. The company witnessed a surge in profit by nearly 30-fold in the October-December 2023 quarter on the back of higher sales. It earned a profit of BDT220m (US$1.99m) in the second quarter, which was BDT7.5m in the similar three-month period of 2022-23, a YoY increase of 2833 per cent.

Managing director of Premier Cement, Mohammed Amirul Haque, told the media that it could ensure an uninterrupted supply to the corporate sector and dealers in line with the increase in the production capacity last year. He added that the manufacturing capacity increased to 27,040tpd from 9500tpd, helping the company reduce the average production cost and profit.

Profit in 1HFY23-24
The profit stood at BDT277.3m in July-December 2023 against a loss of BDT258.4 m in the first half of FY22-23. The revenue rose to BDT1.289bn from BDT8.760bn during this period.