Heidelberg Cement shares jump as it returns to profit

Heidelberg Cement Bangladesh Ltd, the maker of Scan-branded cement, returned to profit in the first quarter of 2023, buoyed by higher net sales price and lower cost of raw materials, plant repair and maintenance.

The cement manufacturer registered Tk 38.19 crore in net profit in the three months ending on March 31 from a loss of Tk 16.77 crore in the same period a year ago, it said in a filing on the Dhaka Stock Exchange (DSE) today.

Shares of Heidelberg soared 22 per cent to Tk 303.8 at 2:26 pm from Thursday's closing price of Tk 247.80.

The multinational cement maker said its earnings per share surged to Tk 6.85 for the January-March quarter of 2023, against a loss of Tk 2.97 year-on-year.

It also recorded increased net operating cash flow per share during the period.

The first-quarter earnings results come after Heidelberg Cement suffered Tk 23.34 crore net loss in 2022. The cement maker declared a 10 per cent cash dividend for the financial year.