Displaying items by tag: Attock Cement
Pakistan: The Competition Commission of Pakistan (CCP) has fined four cement producers for deceptive marketing practices in violation of the Competition Act 2010. Fines of US$1.8m each have been levied on Al-Abbas Cement, Attock Cement, Bestway Cement and Lucky Cement.
A CCP official said that the commission is mandated under the Competition Act 2010 to ensure fair competition in all spheres of commercial and economic activities. The Competition Commission of Pakistan is committed to maintain transparency for enhancing economic efficiency and to protect consumers from anticompetitive practices, including deceptive marketing.
K-Electric to provide Attock Cement with 16MW electricity
19 February 2016Pakistan: K-Electric has signed an accord with Attock Cement to provide it with an additional 16MW of electricity. The agreement uses a one-window operation to server the additional power. The signing ceremony was attended by K-Electric's Chief Operating Officer Distribution, Asif Saad, and Chief of HSEQ & Special Projects Aamir Zafar along, with, other key members. Irfan Amanullah, Company Secretary for Attock Cement, along with his team members was also present on the occasion.
Attock Cement reveals results and expansion plans
14 August 2015Pakistan: Attock Cement has released its results for the 2015 Pakistani fiscal year, which ended on 30 June 2015. The company earned a net profit of US$21.7m, a 9.5% increase on the US$19.6m that it made in the year to 30 June 2014. Its revenue rose by 4.3%, from US$122.7m to US$127.6m.
The results were released at the same time as an announcement of the company's expansion plans. In a notice sent to the Karachi Stock Exchange, Attock Cement announced the expansion of its production capacity by installing a US$120m cement kiln line at its existing facility in Hub, Balochistan.
Attock Cement is the third cement manufacturer to announce an expansion after DG Khan Cement and Cherat. There is anticipation that the government will shortly ramp up infrastructure developments, leading to anticipation that there will be higher demand for cement in the coming years.
Pakistan: The Pakistan government is working on two options to challenge South African anti-dumping duties on Pakistani exports of cement. The first step will be to hold bilateral consultations with the South African government to resolve the anti-dumping duties favourably. Failing that, then the Pakistan government has the option to take the issue to the Geneva-based World Trade Organisation (WTO), according to an official from the Pakistan National Tariff Commission (NTC).
The International Trade Administration Commission of South Africa (ITAC) imposed provisional anti-dumping duties of 14.3 – 77.2% on Portland Cement originating in or imported from Pakistan from 15 May 2015 for six months. The duty was imposed on bagged cement.
According to local media, Lucky Cement, the major supplier to South Africa with a 55% market share, seems to have had sales volumes little affected by the anit-dumping measure due to its low duty. However, Attock Pakistan, the second largest supplier with a 35% market share, has been the worst hit due to its high anti-dumping duty. Pakistani cement exporters are exploring other markets in southern Africa.
South Africa imposes duties on cement
18 May 2015South Africa: South Africa has imposed provisional anti-dumping duties of 14.3 – 77.2% on Portland Cement originating in or imported from Pakistan from 15 May 2015 for six months. Lucky Cement is subjected to pay 14.3% duty, followed by Bestway at 77.2%, DG Khan at 68.9%, Attock Pakistan at 63.5% and other cement makers at 62.7%.
This follows an investigation initiated by the International Trade Administration Commission of South Africa (ITAC) on 22 August 2014 after a number of local cement producing companies submitted an application on behalf of the South African Customs Union (SACU). A number of companies, including Afrisam, Lafarge Africa, NPC Cimpor and PPC, approached the ITAC and established a prima facie case that convinced the commission to initiate an investigation on the basis of dumping, material injury, threat of material injury and causality. However, the application was opposed by Pakistani cement producers, such as Lucky Cement, Bestway Cement, DG Khan Cement and Attock Cement.
The commission found that the industry is suffering material injury through a decline in sales volume and output as well as profits and cash flow. The industry also experienced price undercutting and price suppression. The commission further found that a threat of material injury exists given that Pakistan has increased its production capacity; Pakistan's exports to its traditional markets are declining and imports from Pakistan into South Africa increased by >600% in 2010 - 2013.
The commission made a preliminary determination that Portland cement originating in or imported from Pakistan was dumped into the market. In order to prevent further injury to the industry while the investigation is under way, the commission has requested the SARS (South African Revenue Service) to impose the provisional measures on imported Portland cement originating from Pakistan for six months.
Attock Cement and K-Electric sign MoU for coal-fired plant
05 January 2015Pakistan: Attock Cement Limited and K-Electric have agreed to set up 40MW coal-fired plant, enough to power its cement plant. Surplus electricity will be sold back to the grid.
"Attock Cement has signed a Memorandum of Understanding (MoU) with K-Electric for the installation of 40MW coal-fired plant at its Hub plant for its own utilisation and sell surplus power to K-Electric," said Attock Cement.
Fed up with constant electricity cuts and soaring energy prices, Pakistani businesses are exploring options to generate electricity from coal-fired plants. Attock Cement has already discussed various aspects of its planned coal-fired project with suppliers of plants and machinery.