Pakistan: Bestway Cement and Pakcem results update

Pakistan: Bestway Cement and Pakcem results update
Published: 16 September 2015

Bestway Cement and group company Pakcem have posted a positive bottom line. Net turnover increased by 5.4 per cent from PKR28.9bn (US$277m) to PKR30.5bn for Bestway and Pakcem saw a 9.4 per cent increase from PKR5.11bn from the corresponding period to PKR5.58bn to June 2015.

“We are happy to share our annual results for 2014-15 for Bestway Cement and six-month period for Pakcem, with growth in sales of 4.18 per cent for Bestway and 11.5 per cent for Pakcem,’ said Zameer Choudrey, chief executive Bestway Group.

‘This was a transformative year for us, with multiple major initiatives that will shape Bestway for years to come. We closed the year by becoming the largest cement manufacturer in Pakistan. Construction trends are favorable in Pakistan and I am confident that we are particularly well positioned to succeed and accelerate growth through innovation,” Mr. Choudrey said.

Bestway Cement increased its market share in the north zone from 17 to 21.35 per cent.

During the year, the company further reduced its reliance on national grid by taking energy-saving initiatives and launched two 6MW and 7.5MW waste heat recovery power plants at its Hattar and Farooqia operations, and plans to inaugurate another 12MW plant at Pakcem Ltd.

Confident on the outlook for FY15-16, Mr Choudrey said: “The outlook for Pakistan’s economy is positive, but there are still macroeconomic and geopolitical risks. We will continue to benefit from the positive development trend witnessed in infrastructure projects such as Pakistan China Economic Corridor...The considerable drop in global coal prices and lower interest rates will provide us with additional tailwind."