* LHBL BD posted c39% yoy NPAT growth in Q2 CY23. They logged BDT 1.47 EPS in Q2 CY23 vs BDT 1.06 reported in Q2 CY22. The impressive earnings growth is mainly attributable to c34% YoY revenue growth and 595bps gross margin expansion. * 34% yoy revenue growth driven by strong growth in aggregate and price hike of cement. The revenue growth was driven by two factors. Firstly, the sale of grey cement and clinkers increased by 28.0% YoY. A part of this sales growth is attributable to the ...
* The cumulative profits of Multinational Companies (MNCs), excluding BERGERPBL, increased by c5% yoy in Jan-Mar 2023. * Consumer staple companies experienced continued growth, performing well during the quarter: * MARICO’s profit grew c. 25% this quarter because of profitability improvement driven by lower copra price and opex management * RECKITTBEN resumed topline growth and generated strong earnings growth by trimming operating expenses * All construction companies ...
* LHBL BD posted c102% yoy NPAT growth in Q1 CY23. They logged BDT 1.64 EPS in Q1 CY23 vs BDT 0.81 reported in Q1 CY22. The stellar earnings growth is mainly attributable to c37% YoY revenue growth and 773bps gross margin expansion. * 36.5% yoy revenue growth driven by strong growth in aggregate and price hike of cement. The revenue growth was driven by two factors. Firstly, the sale of grey cement and clinkers increased by 51.5% YoY. A part of the sales growth is attributable to the p...
21% yoy earnings growth in Q3 CY22. EPS in Q3 CY22 stood at BDT 0.98 against BDT 0.81 in Q3 CY21. In the 9M CY22, Lafarge reported EPS BDT 2.85 against BDT 2.66 in 9m CY21, implying +7% growth. 444 bps yoy expansion in gross margin is the major earnings driver. It led to a 364bps increase in operating profit margin. There are two reasons for margin expansion. Firstly, the aggregate business generated operating profit margin of c54% in Q3 CY22 compared to c27% operating profit margin in the c...
LHBL BD reported 2Q CY22 NPAT of BDT 1,229mn (EPS: BDT1.06), implying c10% YoY growth against NPAT of BDT 1,117mn (EPS: BDT0.96) in 2Q CY 21. The growth in bottom-line earnings is attributable to 6% growth in top-line revenue, 134bps improvement in gross margin and lower effective tax (due to deferred tax adjustment). In 6M CY22, the net profit remained flat at BDT 2,173mn (EPS: BDT 1.87). Revenue stood at BDT 5,014mn, growing by c6% YoY in Q2 22. The sale of grey cement logged 6.5% growth wh...
LHBL BD reported 3Q CY21 NPAT of BDT 937mn (EPS: BDT0.81), implying c43% YoY growth against NPAT of BDT 654mn (EPS: BDT0.56) in 3Q CY 20. In 9M CY21, net profit more than doubled and reached BDT 3,089mn from BDT 1,497mn in 9M CY20. Please note that the first wave of the COVID-19 pandemic hit the financials of the cement industry significantly in 2020. In 2021, LHBL BD has recovered from that position and crossed the pre-pandemic level sales. Sales growth and gross margin improvement have cont...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
LHBL BD reported 2Q CY 21 NPAT of BDT1,117mn (EPS: BDT0.96), implying c8% qoq growth against NPAT of BDT1,035mn (EPS: BDT0.89) in 1Q CY 21 and c248% yoy growth against NPAT of BDT321mn (EPS: BDT0.28) in 2Q CY 20. Gross margin expansion (+1,200 bps yoy) along with lower tax-to-revenue (+1.8% vs +3.7% in 2020) led the earnings boost. H1 21 NPAT stood at BDT2,564mn (+42% yoy) vs BDT895mn in H1 20. 2Q 21 revenue stood at BDT4,736mn, attributed to BDT4,381mn cement sales and additional BDT355mn fr...
LHBL to pay BDT902.5mn on account of the pending gas bills. The Honourable Court directed LHBL to pay the disputed amount to Jalalabad Gas Transmission & Distribution Systems Ltd. (JGTDS). The dispute started when both of the parties formed different interpretations regarding the gas tariff, resulting in JGTDS demanding BDT10.7 per cubic meter for gas consumption in cement manufacturing plant instead of BDT7.8 per cubic meter, a preferential rate that LHBL expected to enjoy till 16 January 20...
LHBL BD reported 1Q CY 21 NPAT of BDT1,035mn (EPS: BDT0.89), implying c98% growth against NPAT of BDT523mn (EPS: BDT0.45) in 1Q CY 20. Gross margin expansion (+760 bps yoy) along with lower opex ratio (-90 bps yoy) led the earnings boost. Revenue increased by c23% to BDT6,318mn which can be attributed to a whopping 16% yoy growth in cement business and additional BDT365mn from the company’s newly added product, Aggregates. Both volume growth and price growth in retail market contributed to LH...
Annual EPS stood at BDT2.03 (BDT 2,361mn) up by 36% YoY, outperforming our expectation by c9%. 4Q 20 EPS increased by c53% YoY to BDT0.74. Sharp recovery of the country’s construction activities after its nadir in the covid lockdown in April & May boosted the cement sales in the latter half of the year, keeping the yearly top line buoyant. The company clocked revenue of BDT16,222mn (-9% YoY) in 2020 whereas 4Q 20 revenue stood at BDT4,798mn (+5% YoY). Margin is likely to have improved amid ri...
LHBL BD reported 3Q CY 20 NPAT of BDT654mn (EPS: BDT0.56), implying a whooping c71% growth against NPAT of BDT381mn (EPS: BDT0.33) in 3Q CY 19. Cement sales rebound (+3% YoY, +38% QoQ) along with gross margin expansion (+490 bps YoY) boosted earnings. Also, the deferred tax income of BDT121mn (BDT0.10 per share) contributed to earnings further. 9M CY 20 NPAT stood at BDT1497mn (EPS: BDT1.29), vs 9M CY 19 NPAT of BDT1176mn (EPS: BDT1.01). Revenue increased by c3% YoY to BDT3,655mn, which can b...
LHBL BD reported 2Q CY 20 NPAT of BDT321mn (EPS: BDT0.28), implying c26% de-growth against NPAT of BDT436mn (EPS: BDT0.38) in 2Q CY 19. c41% COVID-driven sales decline along with gross margin contraction (-240 bps YoY) due to lower retail price hurt the earnings. Higher deferred tax income (BDT159mn) against current tax payment (BDT102mn) soothed the bottom-line a bit. Revenue slid by c41% YoY to BDT 2,641mn, which can be attributed to coronavirus-driven volume fall. Retail price in 2Q 20 was...
From 2020, oil prices started plunging from the steady level (average $55/bbl) in 2019 due to depressed energy demand from coronavirus containment efforts. After the “Black April†shock of WTI futures plunging to $-37.6/bbl, resulting from twin supply-demand shock, oil futures hovered between $20-$38 in May. Global energy demand is expected to rise from H2 20 due to worldwide relaxation of lockdown measures and oil prices to follow. However, we consider two scenarios and some sub-scenarios t...
LafargeHolcim Bangladesh (LHBL BD) reported 1Q CY 20 NPAT of BDT523mn (EPS: BDT0.45), implying c45% growth against NPAT of BDT358mn (EPS: BDT0.31) in 1Q CY 19. Gross margin expansion (+300 bps YoY) along with lower net finance cost (BDT32mn in 1Q 20 vs BDT66mn in 1Q 19) led the earnings boost. The bottom-line grew further on lower tax payment (turnover tax at c2% in 1Q 20 vs c3% in 1Q 19) as the government reduced advanced income tax (AIT) to the previous rate of 3%. Revenue slid a bit by c2%...
- In this Africa Stock Guide document, we have 33 main stocks selected from the Casablanca Stock Exchange from our scope of 40 companies, 13 stocks selected from the Tunisia Stock Exchange and 16 stocks from of the BRVM Stock Exchange. - The total capitalization of those stocks is: EUR 61.1 bn.
A difficult national context with a local market down by 3.7% and sharply rising energy costs; A consolidated turnover decreasing by 2% for a consolidated net income dwindling by 18%; Proposal of an ordinary dividend of MAD 66 per share (same as in 2017); Appointment of Mr. Ali FASSI-FIHRI as Director and Chairman of the Board of Directors of the Company to replace M. TARAFA MAROUANE
- Un contexte national difficile avec un marché local en repli de 3,7% et descoûts énergétiques en forte progression ;- Un Chiffre d’Affaires en recul de 2% pour un RN Consolidé en baisse de 18% ;- Proposition d’un dividende ordinaire de MAD 66 par action (idem qu’en 2017) ;- Nomination de M. Ali FASSI-FIHRI en qualité d’Administrateur et de Président du Conseil d’Administration de la société en remplacement deM. TARAFA MAROUANE.
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