LafargeHolcim Bangladesh posted a positive growth in earnings per share for H1 which is up by 6%. The Company achieved profit after tax (PAT) of BDT 843 million, up from BDT 794 million of the same period of last year. Free Cash Flow for the period also surged 87% to BDT 1,702 million.
"The improvement in the half year results is remarkable considering the impact of the COVID-19 situation. The company’s business got impacted due to the lockdown in the second quarter of 2020. Q2 Revenue declined by 41% whereas Profit after Tax (PAT) declined at a much lower rate of only 27%," said a statement.
Rajesh Surana, Chief Executive Officer of LafargeHolcim Bangladesh, said “The COVID-19 situation is an unprecedented health challenge which has impacted our operations. The Company focussed on HEALTH, COST and CASH initiatives. LafargeHolcim Bangladesh was one of the first to move to a remote working concept, protecting our employees and partners. The Company has been able to generate online orders even during the lockdown, thanks to our investment in digital platforms. We have also been successful in quickly acting on several initiatives towards cost reduction and efficiency improvement projects.”
Mr. Surana thanked the employees, customers & all business partners for their support during the crisis. “The Company is well positioned to weather the crisis, which is evident by the strong balance sheet and liquidity position. We are positive on the outlook of the cement industry for the second half of the year, the worst is possibly behind us”, said Mr. Surana.
-rmc/