Confidence Cement posts 42% profit growth in Jul-Sep quarter

Confidence Cement Limited, a concern of the Chattogram-based Confidence Group, reported a 41.7% year-on-year growth in profits in the July to September quarter of the current fiscal year.

In the first quarter, the company's consolidated net profit stood at Tk18.66 crore, which was Tk13.17 crore in the same period of the previous year. The consolidated earnings per share stood at Tk2.27, which was Tk1.6 a year ago. 

In a stock exchange filing, the company thanked the decline in the cost of raw materials and losses from foreign currency fluctuation for the profit growth. 

Also, the company's consolidated revenue increased by 2.38% and stood at Tk92.18 crore in the September quarter of this fiscal, compared to the same quarter of the previous fiscal year. 

The cement maker's consolidated net asset value per share also increased year-on-year and stood at Tk72.17, while its net operating cash flow per share decreased to a negative Tk2.84. 

The net operating cash flow decreased due to an increase in trade receivables and advance deposit pre-payments, according to the company. 

Established in 1991, Confidence Cement Limited went into commercial operations in 1994 and got listed on both stock exchanges in 1995.

Confidence Cement, a flagship company of the Confidence Group, manufactures cement, aggregates and ready-mix concrete. Its cement production capacity is 12 lakh tonnes annually. 

The last trading price of the company's shares was Tk89 each on the Dhaka Stock Exchange.  

As of 30 November 2023, sponsors and directors jointly held 30.34% shares of the company, institutions 35.50%, and general investors 34.16%.