Holcim (Liban) S.A.L., one of the leading cement manufacturing companies in Lebanon, published its audited financial statements this week, reporting a net profit of LBP 873.52 billion in 2023, in comparison with a profit figure of LBP 97.04 billion a year before. The sizeable increase in income statement and balance sheet figures can be attributed to the company’s use of a multitude of exchange rates of the Lebanese Pound against the Dollar which prompted the external auditors to comment on this practice in the 2023 audit report by claiming it is a departure from International Accounting Standards 21. In details, the company’s net sales rose by more than three folds to LBP 5,690.12 billion and were met by a 185.30% increase in cost of goods sold to LBP 3,138.00 billion, resulting in some 315.12% rise in gross profit to LBP 2,552.12 billion. Consequently, the gross profit margin rose from 35.85% in 2022 to 44.85% in 2023. The company saw its selling, general, and administrative expenses nearly quadruple on an annual basis to LBP 796.25 billion. Consequently, the company’s net profit margin rose to 15.35% in 2023 from 5.66% in 2022. On the balance sheet front, Holcim’s total assets widened by 199.29% in 2023 to LBP 4,060.48 billion, up from LBP 1,356.70 billion in 2022, mainly owing to the 251.83% increase in inventory to LBP 1,656.14 billion coupled with the 310.00% rally in cash and cash equivalents to LBP 1,455.85 billion. Similarly, the company’s total liabilities increased by 186.71% in 2023 to around LBP 3,016.86 billion mainly owing to the sizeable 169.82% rise in the non-current portion of loans from related parties to LBP 986.31 billion. The company’s shareholders equity ended the year 2023 up by 242.77% to LBP 1,043.62 billion as a result of the carried forward profits. The company’s return on assets (ROA) reached 21.51% in 2023 compared to 7.15% in 2022, with its return on equity (ROE) also rising from 31.87% in 2022 to 83.70% in 2023.