Confidence Cement to halt ready-mix concrete production, posts 34% profit jump 

Confidence Cement, a leading cement maker in Bangladesh, plans to suspend the production of ready-mix concrete due to a disruption in importing raw materials as a result of the dollar crisis, and stagnation in infrastructure development. 

The newly imposed value-added tax on ready mix concrete hiked prices, reducing demand, the company said in a filing to the Dhaka Stock Exchange (DSE) citing the decision of its board.

The plant is located at Sea-Beach Road, South Patenga, Chattogram.

Confidence Cement reported earnings per share (EPS) of Tk 3.50 in the October-December quarter of 2023, a 34 percent increase from the same period a year earlier, according to its DSE filing. 

The company also saw its profit grow for the first half of FY24, with EPS rising 25 percent year-on-year to Tk 5.29. 

Shares of the company rose 4.84 percent to Tk 78 on the DSE as of 11:40 am today.