MI Cement shares soar on news of tripling profit

Stocks of MI Cement Factory rose 3.41 per cent to Tk 69.80 yesterday after news broke that its profits have almost tripled over the past year.

The company made this disclosure on the capital market's website, where it also announced plans to set up an uploading and delivery unit in Pabna.

The MI's earning per share was Tk 4.73 for the July 2020-March 2021 period while it was Tk 1.60 in the same period a year before.

The parent company of Crown Cement Group will set up an automatic uploading and delivery unit at Kazirhat, Bera of Pabna to increase its market share in the western and northern zones of the country.

Through yesterday's disclosure, the MI said its board had approved the project involving Tk 31 crore, including land purchase and civil construction.

The company expected to complete the installation work by July.

Its board also approved the sale of a mother vessel, MV Crown Victory, at the end of its useful life at the price of about Tk 28.50 crore.

Crown Cement produces 33 lakh tonnes of cement per year through five production units that have a daily production capacity of 11,000 tonnes.

The company claims to be one of the top five cement manufacturers in Bangladesh.

A top official of Crown Cement told The Daily Star they intend to use the Pabna facility to package and distribute their products in the western and northern regions of the country.

The company will make bulk shipments of cement from its manufacturing unit in Munshiganj to the delivery unit through river routes.

Transport costs will come down this way and help grab a share of the regional market, he said.