Cement Sales Plummet 40%

BRAC Bank has partnered with Seven Rings Cement to provide a suite of advanced cash management solutions via its CORPnet platform. This digital tool integrates payments, collections, and reconciliation services, offering real-time transaction processing, virtual accounts for deposit tracking, and API-enabled statement data for enhanced accuracy.

The stock market regulator has directed top officials of Confidence Cement to appear next Sunday due to the company’s failure to pay dividends on time. In September, the cement producer announced a 10% dividend for the 2023-24 fiscal year, and the annual general meeting (AGM) was held the following month.

The price of mild steel (MS) rods in Bangladesh has continued to decline, with 60-grade MS rods now priced at Tk 85,000 per tonne, down 12% year-on-year, according to the Trading Corporation of Bangladesh. This drop stems from reduced demand, as public construction projects have stalled since the political upheaval on August 5.

SS Steel Ltd reported a 50% year-on-year profit growth in Q1 of the current financial year, reaching Tk 98.58 lakh. The company's consolidated earnings per share (EPS) rose to Tk 0.03 from Tk 0.02 a year ago. Its shares surged 6.67% to Tk 9.6 on the Dhaka Stock Exchange.

Appollo Ispat Complex, which once thrived with its "Rani Marka Dheutin" brand, disclosed accumulated losses of Tk 7.6 billion for FY19 to FY23 in a filing on November 21, 2024. The company has failed to hold any general meetings over the past five years, and its factory has been shut for more than three years.

Bangladesh's steelmakers have presented a five-point demand to the interim government to alleviate challenges plaguing the industry. At a press briefing on November 18, the Bangladesh Steel Manufacturers Association (BSMA) urged for expedited infrastructure projects to mitigate the economic crisis affecting businesses.