According to Heidelberg Materials Bangladesh’s statement, it incurred a loss of BDT7.9m (US$0.066m) in the 3Q24 (ended 30 September 2024) against a profit of BDT27m in the 3Q23. The statement adds that during this period, its revenue dropped by 20 per cent to BDT2.93bn compared to BDT365bn in the previous year’s third quarter. It noted that the cost of goods sold remained higher, which dented the profit. However, from January to September 2024, the net profit stood at BDT413m for nine months against BDT505m in the same period last year.
Terence Ong Kian Hock, the newly-appointed managing director of Heidelberg Materials Bangladesh, told local media earlier that the declining demand for cement has persisted following the fall of the previous government, as political unrest continues to rise. Consequently, the country is experiencing significant economic uncertainty, which has led to a near halt in construction activities across Bangladesh, he said.
by Abdul Rab Siddiqi, Pakistan
