LafargeHolcim Bangladeshs first quarter (January-March) 2024 turnover dropped by 3 per cent to Tk 8,257 million from Tk 8,546 million in the same period last year.
The companys profit after tax also dropped in the quarter to Tk 1,627 million from Tk 1,909 million from the same quarter in 2023, mainly due to shrinking demand amid high inflationary pressure, says a press release.
In a press release issued subsequently, the company said the rest of 2024 will be challenging due to the ongoing inflation and persisting foreign exchange pressure.
The construction sector is going through a challenging time with a consistently high inflationary environment, which has impacted cement consumption, said LafargeHolcim Bangladeshs CEO Iqbal Chowdhury.
"Despite that, we are optimistic and well poised to continuously deliver strong performance with leading industry margin."
Moreover, the cement maker has continued its focus on the expansion of sales channel, increase aggregate business, launch new products and improve market presence to ensure stronger result in the next quarter, he said.
The company has entered into the bricks and blocks market by launching Holcim Blocks, which is environment-friendly and has a huge growth potential, Chowdhury said.
The companys earnings per share was Tk 1.4 in the first quarter of 2024, down from Tk 1.64 in the same period of 2023. LafargeHolcim Bangladesh had extended 50 percent cash dividend to its shareholders for 2023.
