Displaying items by tag: Dewan Cement
Dewan Cement reduces loss in 2023 financial year
28 September 2023Pakistan: Dewan Cement’s turnover rose by 22% year-on-year to US$69.8m in the year to 30 June 2023 from US$57.1m in the same period that ended in 2022. Its cost of sales increased by 29% to US$68.3m from US$52.8m. It reported a loss of US$2.03m compared to US$2.43m previously.
Ghazanfar Baber Siddiqi appointed as head of Dewan Cement
21 December 2022Pakistan: Dewan Cement has appointed Ghazanfar Baber Siddiqi appointed as its chief executive officer (CEO). He succeeds Ishtiaq Ahmad in the position.
Ghazanfar Baber Siddiqui holds 25 years of professional experience including 14 years of managing different product lines for the Pakistan-based subsidiary of ICI. He has worked for Yousuf Dewan Companies for around 10 years, serving as the chair of Dewan Textile Mills during this time. He holds a master’s degree in inorganic chemistry from the University of Karachi and a master in business administration (MBA) in marketing from the International University in Missouri, US.
Pakistan: Dewan Cement recorded US$16.2m in turnover during the first quarter of its 2023 financial year, up by 17% year-on-year from US$13.9m in the first quarter of the 2022 financial year. Its cost of sales also rose, by 41% to US$17.7m from US$12.5m. As such, the producer's loss more than doubled to US$3.13m, from US$1.32m in the first quarter of the 2022 financial year.
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.
Ishtiaq Ahmed appointed as head of Dewan Cement
27 July 2022Pakistan: Dewan Cement has appointed Ishtiaq Ahmed as its chief executive officer (CEO). He succeeds Malik Bilal Omar in the position. Ishtiaq Ahmed was previously appointed as the company’s chair in 2018. Waseem-ul-Haque Ansari has also been appointed as a director in place of the departing CEO.
Pakistan: The Sindh Environmental Protection Agency (SEPA) has arranged hearings on 21 October 2020 over alleged environmental protection regulation violations by Dewan Cement and Lucky Cement at their respective Kamilpur and Karachi cement plants in the province. The provincial agency, “has expedited its monitoring activities throughout the province to manage different types of pollution at their source.”
Pakistan: Dewan Cement has rejected a takeover bid by Mega Conglomerate to buy a 87.5% stake in it. Chairman Dewan Mohammad Yousuf Farooqui turned down the offer following a valuation of the company, according to the Pakistan Today newspaper. The valuation reported that the value of the cement producer was below the initial offer made by Mega Conglomerate due to low capacity utilisation rates at Dewan’s plants and the need for investment at the sites. Dewan Cement has claimed that negotiations are still on going.
Mega Conglomerate to buy Dewan Cement
01 February 2018Pakistan: Mega Conglomerate says it plans to buy an 87.5% stake in Dewan Cement. The buyer operates in the dairy and real estate sectors. Dewan Cement operates two cement plants. Bestway Cement and Fecto Cement have previously made bids for Dewan Cement.
Bestway cancels bid for Dewan Cement plant
12 April 2017Pakistan: Bestway Cement has cancelled its acquisition of Dewan Cement's north plant. It blamed the cancellation on delays and uncertainty following related legal proceedings at the Sindh High Court.
New appointments at Dewan Cement
15 February 2017Pakistan: Dewan Muhammad Yousuf has been appointed as the chairman of the board of directors and Syed Muhammad Anwar has been appointed as the chief executive officer of Dewan Cement. The appointments took effect from 6 February 2017.