The steel manufacturer posts higher cash collections as well SS Steel Ltd, a prominent steel manufacturer in the country, saw its profit rise in the first quarter of the current financial year, as well as its cash collection from customers.
Profit of the company went up 50 percent year-on-year to Tk 98.58 lakh in Q1.
The positive performance rallied its shares 6.67 percent to Tk 9.6 at the Dhaka Stock Exchange (DSE).
The company’s consolidated earnings per share (EPS) rose to Tk 0.03 for the July-September period, up from Tk 0.02 in the same quarter last year, according to a disclosure on the DSE website.
The company’s consolidated net operating cash flow per share jumped significantly to Tk 3.51, compared to a negative Tk 0.17 a year earlier.
The steel producer attributed this improvement to higher customer cash collections, streamlined receivables management and reduced inventory levels.
SS Steel credited effective cost controls and reduced prepayments for bolstering operating cash flows, highlighting improved liquidity and operational efficiency during the quarter.