Pakistan’s cement manufacturers and exporters reported mix financial results for 2010-11 fiscal (July-June) despite the cement industry registering negative sales growth of 8.32 per cent to 31.36Mt in FY11. However, while sales were impacted by heavy floods and declining public spending for large infrastructure projects, local cement companies were able to minimise their losses. Below is an overview of the financial performance by some of Pakistan’s leading producers in FY2011.
Fauji Cement earned a profit-after-tax (PAT) of PKR425.661m (US$4.83 m) for the year ended 30 June 2011 compared to a profit of PKR250.179m in the previous year. Net sales were PKR4.74bn against PKR3.81bn (2010). Distribution expenses increased to PKR74.149m from PKR47.737m last year. Financing costs also increased to PKR103m from PKR41m.
Pioneer Cement earned PAT of PKR120.65m (US$1.37m) for the year ended 30 June 2011 compared to a loss of PKR590.93m in 2010. Net sales rose to PKR5.272bn from PKR 3.872bn, reflecting a growth of 36.16 per cent. Distribution and administrative expenses decreased to PKR150.32m and PKR52.32m from PKR158.84m and PKR78.84m respectively. Financing costs fell to PKR357m from PKR392m.
Bestway Cement Limited (BCL) saw a PAT of PKR179.230m (US$2.04m) for the year compared to a substantial loss of PKR1.21bn in FY2009-10. Net sales stood at PKR13.33bn against PKR =13.33bn (2010). Administrative and dsitribution expenses stood at PKR157.09m and PKR351.032m from PKR123.548m and PKR1074m last year. Financing costs jumped to PKR2489m from PKR2223m.
Kohat Cement reported a PAT of PKR 63.715m (US$0.724m) for the year ended 30 June 2011 against losses of PKR327.77m in last year 2010. Net sales increased to PKR 6.09bn from PKR3.69bn (2010). Its administrative and general expenses were increased to PKR48.85m from PKR35.943m last year.
Fector Cement earned a PAT of PKR65.433m (US$0.74m) for the year ended 30 June 2011 compared to losses of PKR208.258m in last year 2010. Net sales stood at PKR3.30bn against PKR 2.902bn (2010). Administrative expenses increased to PKR128.492m from PKR122.635m of last year.
Mustehkam Cement reported a loss after tax of PKR72.837m (US$827,693) as opposed to a significant loss of PKR263.68m in same period last year. Net sales stood at PKR3.791bn against PKR1.462bn (2010). Administrative and distribution expenses were PKR19.018m and PKR12.86m from PKR57.854m and PKR11.944m of last year. Financing costs reached PKR786m from PKR350m.
Maple Leaf Cement Factory reported a PAT of PKR5.976bn (US$67.909m) compared to PKR4.310bn loss in the same period last year. Net sales stood at PKR13.073bn against PKR13.63bn (2010). Administrative and distribution expenses were PKR1646m and PKR230.788m from PKR3152m and PKR194.161m of last year.
Thatta Cement reported a loss after tax of PKR74.56m (US$0.847m) against profit of PKR4.75m in same period last year. Net sales stood at PKR1.85bn against PKR1.544bn (2010). Selling and distribution expenses rose to PKR244.608m from PKR190.965m last year.