Displaying items by tag: Pakistan
Pakistan: Attock Cement recorded standalone sales of US$92.6m in its 2022 financial year, down by 3.6% year-on-year from US$96.1m in its 2021 financial year. The company produced 2.18Mt of clinker, down by 32% from 3.19Mt, corresponding to a capacity utilisation of 76%. The decision to reduce production came about due to high coal costs. Attock Cement sold 1.8Mt of cement, down by 10% from 2.01Mt in the 2021 financial year. The producer's cost of sales rose by 1.1% year-on-year to US$75.9m from US$75.1m. It profit after tax nonetheless grew by 1.2%, to US$5.07m from US$5.01m.
Chair Laith Pharaon said "The 2022 financial year was a challenging year for the company, as export sales remain depressed due to uncompetitive prices demanded by regional markets, which were also facing the uncertainties." He continued "Due to higher input costs owing to the significant increase in energy prices, the gross margin also declined by 4%. However, because of exchange gain on foreign receivables and dividend income received from its Iraq-based 60% subsidiary Saqr Al Keetan, operating margin improved by 3%.
Bestway Cement's turnover growth offsets increased costs to raise profit in first quarter of 2023 financial year
20 October 2022Pakistan: Bestway Cement recorded a net turnover of US$84.1m in the first quarter of its 2023 financial year, up by 21% year-on-year from US$69.4m in the first quarter of the 2022 financial year. The producer's cost of sales also rose, by 13% year-on-year to US$55m from US$48.6m. Despite this challenge, it increased its profit for the period by 11% to US$15m from US$13.5m in the first quarter of the 2022 financial year.
Lucky Cement buys back more shares
18 October 2022Pakistan: Lucky Cement bought back more of its own shares on 17 October 2022. The total value of the purchase was US$408,000.
Lucky Cement previously bought back US$212,000-worth of shares earlier in October 2022, under the same resolution of it board from 20 September 2022.
Lucky Cement buys back US$212,000-worth of shares
13 October 2022Pakistan: Lucky Cement has informed the Pakistan Stock Exchange of its purchase of US$212,000-worth of its shares. The producer's board of directors passed a resolution for the buyback on 20 September 2022.
Pakistan: Pakistani cement companies sold 9.61Mt of cement during the first quarter of the 2022 financial year, down by 25% year-on-year from 12.8Mt in the first quarter of the 2021 financial year. Exports declined by 34% to 1.01Mt of cement, from 1.55Mt. The All Pakistan Cement Manufacturers Association (APCMA) said that current economic conditions impacted both domestic and export sales.
Separately, the APCMA has expressed its concern over State Bank of Pakistan limits on the use of letters of credit by companies for the purchase of spare parts and other machinery. The association says that present restrictive conditions will create operational difficulties for the industry.
Pakistan: Fecto Cement recorded sales of US$30.4m during the 2022 financial year, up by 37% year-on-year from US$22.3m during the 2021 financial year. Throughout the year, the producer's cement volumes fell by 1.9% to 713,000t from 729,000t, while its exports fell by 51% to 26,600t from 54,700t. Its cost of sales increased by 32% year-on-year to US$26.5m from US$20.1m, but this failed to offset sales growth, resulting in a US$1.29m profit for the company, compared to a US$309,000 loss in the 2021 financial year.
Power Cement records loss as profit rises in 2022 financial year
06 October 2022Pakistan: Power Cement's sales rose by 23% year-on-year to US$78.3m in its 2022 financial year, from US$63.6m in its 2021 financial year. Nonetheless, it recorded a comprehensive loss of US$2.06m, compared to an income of US$1.58m in the 2021 financial year. The company's cost of sales rose by 35% to US$67.2m from US$49.8m.
Pakistan: Thatta Cement recorded net sales of US$19.1m during its 2022 financial year, up by 75% year-on-year from US$10.9m in its 2021 financial year. This included gross export sales of just US$3160, down by 99% from US$394,000 in the 2021 financial year. Thatta Cement's total cost of sales increased by 96% to US$18.1m from US$9.24m. Its raw material costs tripled to US$1.64m from US$546,000, while its fuel and power costs more than doubled to US$12.5m from US$5.89m. As a result, the producer recorded a profit for the year of US$387,000, down by 68% year-on-year from US$1.19m.
Chair Khawaja Muhammad Salman Younis said "The company showed better performance during the year, despite the tough market conditions, coupled with significant challenges and uncertainties due to political instability and the Russian-Ukraine war. Due to these factors, Pakistan’s economy remained under pressure throughout the year. Other economic factors such as the rise in energy prices in local and international markets, significant currency depreciation and a sudden hike in interest rates severely affected the industry's, as well as the company’s, performance." Noting the 'changing and challenging economic environment,' Younis said that Thatta Cement 'remained successful in achieving budgetary targets in terms of volumes and retention price.' He added "Our sales and marketing team put extra efforts into identifying the needs of our valued customers and explored new markets for the company, despite severe competition in the cement industry."
Zong 4G secures Lucky Cement communications contract
06 October 2022Pakistan: Lucky Cement has engaged telecommunications provider Zong 4G to supply its communication services. Pakistan Press International News has reported that the partners expect the collaboration to enhance Lucky Cement's operationality by addressing any connectivity issues.
Lucky Cement executive director Noman Hassan said "By harnessing the power of connectivity, we can identify opportunities to enhance our business operations."
Hazrat Ali appointed as Chief Financial Officer of Dewan Cement
05 October 2022Pakistan: Dewan Cement has appointed Hazrat Ali as its chief financial officer. He succeeds Imran Ahmed Javed in the role. The cement producer operates two plants.