One of Bangladesh's biggest cement makers — debt-free and a steady cash-dividend payer, but its yearly profit rises and falls with the building cycle.
LafargeHolcim Bangladesh is a large, financially rock-solid cement company with almost no debt and a long habit of paying cash dividends every year. It suits steady, long-term and income-minded investors who want a well-established, dividend-paying blue-chip and can accept that its profit swings with the construction economy. Whether the price is fair is judged by comparing it to how the share has usually been priced, to other cement firms, to the value of what the company owns, and to the dividend it pays — all shown in the live value box beside this report.
Value today
Looks cheapToday
৳60.0
Rough estimate
৳88.6
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳69.3
- Priced like similar companies (profit)৳133
- Its own usual price vs asset value৳59.9
- Based on the dividend it pays৳66.7
A rough, educational estimate from the figures we have — not a price target or advice.
Data as of 2026-07-16
What does this company do?
It is one of Bangladesh's largest cement makers, part of a global cement group, and has been listed since 2003.
LafargeHolcim Bangladesh PLC makes and sells cement — the basic material used in almost every construction project. It is the local arm of one of the world's biggest cement groups, and it has been listed on the Dhaka Stock Exchange since 2003.
It is a large company. It has about 116.1 crore shares, a paid-up capital of about 1,161 crore taka, and built-up reserves of about 745 crore taka. In the cement sector it is one of the biggest and best-known names.
The business has been growing. Its yearly sales (revenue) rose from about 1,622 crore taka in 2020 to about 2,839 crore taka in 2023, showing the company expanded over those years.
How does it make money?
It earns by producing cement and selling it into the construction market.
The company makes money by producing cement and selling it to builders, developers, contractors and retailers across Bangladesh. When construction and infrastructure activity is strong, more cement is sold.
Because of this, its sales are closely tied to the health of the construction economy and the wider economy. That link shows in its numbers: revenue grew steadily from about 1,622 crore taka in 2020 to about 2,839 crore taka in 2023 as building activity supported demand.
Being part of a large global cement group gives it technical know-how, a trusted brand, and scale in buying raw materials and running plants — advantages that help it produce cement efficiently and at large volumes.
Is it actually making money?
Yes — profit is healthy and grew a lot over five years, but it bounces up and down year to year.
Yes, it makes solid profit. Net profit rose from about 236 crore taka in 2020 to about 511 crore taka in 2025 — an increase of about 116% over those five years. Profit that belongs to each share (earnings per share) rose from 2.03 taka to 4.4 taka in the same period, up about 117%.
But the path was bumpy, not a straight line. Profit climbed from about 236 crore (2020) to a peak of about 594 crore taka in 2023, then fell to about 382 crore in 2024, before recovering to about 511 crore in 2025. The per-share profit followed the same shape: 2.03, 3.34, 3.83, 5.12 taka, then down to 3.29, then back up to 4.4 taka.
It also turns sales into profit well. In 2023, for example, on revenue of about 2,839 crore taka it earned an operating profit (profit from its main business) of about 776 crore taka — a healthy slice kept as profit. Holding onto a good share of sales as profit is a sign of a strong, efficient business.
Is it financially safe?
Very safe — almost no debt, plenty of cash, and strong cash generation.
It is very financially safe. It carries essentially no bank loans — reported total loan is about 0 crore taka, and yearly total debt has stayed tiny (between about 0.4 and 11 crore taka) against shareholder money of roughly 1,700 to 2,200 crore taka. In short, it owes almost nothing.
It generates strong cash from running the business. Operating cash flow was about 454 crore taka in 2020 and rose to about 793 crore taka in 2023. It has also held large cash balances — for example about 935 crore taka in 2023. Its spending on plant and equipment has been modest — roughly 38 to 95 crore taka a year — well within the cash it makes.
On top of that, it holds the top "AAA" long-term credit rating, which points to a strong ability to meet its obligations. A company with no debt, plenty of cash and steady cash generation is well placed to ride out a weak year.
How do we judge if it's fairly priced?
We weigh the price four ways — against its own past pricing, against rival cement firms, against the value of what it owns, and against its dividend.
To judge whether the share is fairly priced, we compare today's price (shown live in the value box beside this report, not here) against four yardsticks. First, how the market has usually priced this share against its profit over its own history. Second, how other cement companies are priced against their profit.
Third, the value of what the company owns per share — its net asset value (the worth of what it owns, spread over each share) was about 16.41 taka per share at the latest count, having ranged from about 14.89 to 19.14 taka over recent years. Fourth, the dividend it pays compared with the price.
The durable inputs behind all this are its per-share profit of about 4.4 taka in the latest year and its own long-run pricing habit. The live value box combines these four methods into an up-to-date estimate. This section only explains the method — it does not state today's price or whether the share looks cheap or expensive.
Value today
Looks cheapToday
৳60.0
Rough estimate
৳88.6
Based on its own past price levels, what similar companies trade at, the value of what it owns and the dividend it pays. · low confidence
- Its own usual price vs profit৳69.3
- Priced like similar companies (profit)৳133
- Its own usual price vs asset value৳59.9
- Based on the dividend it pays৳66.7
A rough, educational estimate from the figures we have — not a price target or advice.
Does it reward shareholders?
Yes — a reliable cash-dividend payer every year, though it pays out most of its profit.
Yes, it rewards shareholders well. It has paid a cash dividend every year for at least the last six years: 10% of face value for 2020, then 25%, 48%, 50%, 38%, and 40% for 2025. (Face value is 10 taka per share, so 40% means 4.0 taka per share.)
In taka terms, the dividend per share was 1.0, 2.5, 4.8, 5.0, 3.8, and 4.0 taka across 2020 to 2025 — a clear, generous and fairly steady record, even though it dips in weaker years.
One caution: it pays out a large share of its profit. In 2025 it paid 4.0 taka per share out of per-share profit of 4.4 taka — so nearly all of the year's earnings went out as dividend, leaving little cushion. If profit dips in a weak year, the dividend can be trimmed, as it was in 2024 (down to 3.8 taka).
What makes it special?
Its edge is scale, a global parent, near-zero debt and strong margins — while several rivals had falling earnings in the latest year.
Its main edge is size and backing. It is one of the biggest cement makers in the country and part of a large global cement group, which gives it brand strength, technical support, and buying and production scale that smaller rivals lack.
Its numbers stand out against sector peers such as Crown Cement, Heidelberg, Confidence, Premier and Meghna Cement. It keeps a strong slice of sales as profit, carries almost no debt, and generates plenty of cash. In the most recent year its own per-share profit rose (from 3.29 to 4.4 taka), while several of these competitors instead saw their earnings fall.
The global parent's strong ownership stake also matters: sponsors and directors hold about 63.39% of the shares, so the people steering the company have a big personal stake in its success. That said, cement is a commodity — every maker sells a broadly similar product — so its advantage comes from scale and efficiency, not from a one-of-a-kind product.
Why it could do well
Big, debt-free, cash-rich and a steady dividend payer, backed by a global parent.
- One of the largest and most established cement makers, backed by a large global cement group.
- Almost no debt (total loan about 0 crore taka) and strong cash generation — a very safe balance sheet.
- A long record of paying a cash dividend every single year from 2020 to 2025.
- Net profit grew about 116% over 2020 to 2025, and per-share profit recovered to 4.4 taka in the latest year after a 2024 dip.
- Holds the top "AAA" long-term credit rating, a sign of financial strength.
What could go wrong
Cyclical profit, a very high payout, commodity competition, and thin latest-year sales data.
- Profit and per-share earnings swing year to year with the construction cycle — 2024 was clearly a down year (profit fell to about 382 crore taka and per-share profit to 3.29 taka) before recovering.
- It pays out nearly all of its profit as dividend (4.0 taka out of 4.4 taka per-share profit in 2025), so a weak year could mean a smaller dividend, with little cushion held back.
- Cement is a commodity sold by several competitors, which limits how much any one maker can raise prices.
- Sales depend on the health of the construction economy and infrastructure spending — things the company cannot control.
- Detailed recent-year data is thin: full revenue and balance-sheet figures in our pack run only through 2023, so the very latest sales trend is less clear.
So, is it for you?
Best for steady, long-term, income-minded investors who want a safe blue-chip and can ride out profit swings.
This is a high-quality, financially strong company: large, essentially debt-free, cash-rich, and a dependable dividend payer. It suits steady, long-term and income-minded investors who value safety and regular dividends over rapid growth.
The main caveat is that its profit is cyclical — it rises and falls with construction activity — and it pays out most of its earnings, so the dividend itself can shrink in a weak year. Growth-hungry or short-term investors may find its year-to-year swings uncomfortable.
Whether today's price is attractive is a separate question. For that, look at the live value estimate and the current signal shown beside this report, rather than the story here — the numbers above describe the business, not the price.
This is educational information, not investment advice.