Confidence Cement’s net profit rises 25% in 1HFY23-24

Confidence Cement PLC, Bangladesh’s leading cement manufacturer, recently announced its financial results on the Dhaka Stock Exchange (DSX). The company reported a profit after tax of BDT434.1m (US$3.96m) between July and December 2023 (six months) against a profit of BDT346.3m earned during the same period last year. This translates into a growth of 25.34 per cent in profit due to a fall in the cost of sales, less foreign currency exchange loss and deferred tax options.

The company sales decreased by 5.3 per cent, BDT1.848bn, against BDT1.951bn during this period. As a result, the cost of sales also decreased by 19.5 per cent to BDT1.550bn from BDT1.925bn during the accounting period under reporting. 

The administrative expenses stood at BDT40.42m (BDT39.24m in 1HFY22-23), and selling and distribution expenses at BDT33.55m from BDT34.49m during this period.