Pakistan’s Pioneer makes steady gains

Pakistan’s Pioneer makes steady gains
Published: 01 January 2007

Pioneer cement company of Khushab has made steady progress in operating and financial results. The installed capacity of the plant in FY94 was 2100 tonnes per day (tpd) which increased to 7000 tpd in FY06.

During FY06, the production capacity of cement increased by 233% fixed assets base expanded by 110% and shareholders equity increased by 326% as compared to previous financial year FY05. The company announced both cash dividend and bonus stock dividend.

The chairman of the Board of Directors said that future prospects of cement industry continue to present a bright future. For the fiscal year 2006-07 the government made record allocation for Public Sector Development Programme.

He said that the government’s continued focus on infrastructure development of the country augurs well for industry. The announcement of construction of dams is likely to boost the demand of cement on long term basis. The demand remains high in Gulf including Iraq. Pakistani cement is also finding its place in Afghanistan. Increase in sale of cement YoY was 16% whereas production of cement increased by 15% YoY.