Pakistan: Fauji Cement sold 4.9Mt of cement during Pakistan’s 2023 financial year (FY2023), which ended on 30 June 2023. This generated revenues of US$244m, up by 25% year-on-year from US$194m in FY2022. The producer’s earnings before interest, taxation, depreciation and amortisation (EBITDA) also rose, by 29% to US$72.3m from US$56.2m.

Managing director and CEO Qamar Haris Manzoor said “The transformation journey which started in 2020 on capacity enhancement, cost reduction initiatives and increasing captive green energy has now started to pay dividends, despite unpreceded economic challenges.” He continued “FY2023 has been challenging for businesses due to all-time high inflation and interest rates, which saw a drop in consumer demand, negatively affecting the industry. The cement industry saw a demand decline of 16% as construction activities decreased in both the northern and southern regions of the country. Despite the tough environment, Fauji Cement remained committed to its growth strategy, and successfully commissioned its 6500t/day expansion project at its Nizampur site.”