Pakistan: Dewan Cement earns profits of US$14.25m

Dewan Cement Ltd informed Pakistan Stock Exchange (PSX) that it earned a profit after tax of PKR1.49bn (US$14.25m) in FY16 ending on 30 June 2016 compared to PKR709.66m in corresponding period last year. It translates a hefty growth of 110 per cent in profit on YoY basis.

A notice duly signed by Muhammad Hanif German, company secretary and Haroon Iqbal, director, has stated that company sale was increased to PKR12.87bn in FY16 from PKR11.24bn of previous financial year. The company incurred distribution cost of PKR301.21m and administrative expense of PKR546.59m compared to PKR324m and PKR437.74m in last financial year.

Earlier, Dewan Cement Co Ltd, informed PSX that undisclosed Chinese Co is interested in buying its cement plant, to whom company granted approval for due diligence. It may eventually lead to acquisition of share of our company.

DCL has a capacity of more than 2.88Mta from two separate manufacturing units, comprising of Pakland Cement Ltd, and Saadi Cement Ltd, which are located in north and south respectively.