Premier Cement posts Tk 16.6cr profit in Q1'21
Published : Wednesday, 12 May, 2021 at 12:00 AM Count : 255
CHATTOGRAM, May 11: The Premier Cement Mills Ltd posted eight times net profit growth to Tk16.6 crore in the third (January to March) quarter of the current fiscal year, compared to the same quarter of the previous fiscal.
The company's earnings per share (EPS) was Tk1.56 in the quarter, which was Tk0.18 in the same period previous year, thanks to growth incompany sales and a reduction in the minimum tax, from 5% to 3%, on the import value of raw materials.
The cement industry as a whole started feeling the heat from the added 5% minimum tax since July 2019.
Following a plea by cement manufacturers to remove the minimum tax, the non-refundable advance income tax (AIT) was reduced to 3%, which was effective from 1 January 2020.
In the last fiscal, the coronavirus pandemic dragged down the cement business for which the overall sector suffered.
But in this fiscal, Premier Cement posted a 14% growth in revenue to Tk363.38 crore in the January to March quarter.
At the end of the first three quarters of this fiscal, Premier Cement's revenue stood at Tk958.15 crore and net profit was Tk43.14 crore. During this period, its EPS was Tk4.07.
Riding on positive growth, Premier Cement's share price rose by 4.25% to Tk63.80 a share at the Dhaka Stock Exchange on Sunday. In the last fiscal, it paid a 10% cash dividend to shareholders.