Crown Cement posts Tk 100 crore profit in FY24

Crown Cement's profit registered solid growth in the year ending on June 30, 2024, driven by an uptick in sales and cost-control measures by the cement producer. 

The company posted a profit of Tk 100 crore for 2023-24 fiscal year. 

The profit growth reflected solid year-on-year earnings per share (EPS) growth of 64 percent, climbing from Tk 4.11 to Tk 6.74, according to a recent Dhaka Stock Exchange filing. 

The company attributed the EPS increase to a combination of sales growth and an uptick in sales prices, alongside cost-control measures and strategic management of foreign currency transactions.

Driven by these positive results, the board recommended a 21 percent cash dividend, its highest in 8 years. 

However, Crown Cement's net operating cash flow per share (NOCFPS) declined to Tk 8.71, down from Tk 11.43 the previous year. 

The company cited increased payments to suppliers, including settling an outstanding ocean freight bill, as well as higher inventory and accounts receivable, as key reasons for the decline.

Founded in 1994 and rebranded from MI Cement Factory Limited, Crown Cement is one of the leading cement producers in Bangladesh. 

The company began exporting in 2003 and currently holds a dominant 50 percent market share of Bangladesh's cement exports, mainly to India's northeastern states, including Tripura, Meghalaya, and parts of Assam, as per its website.