Power Cement Ltd posts US$2.03m loss in FY22

Power Cement Ltd has reported a loss after taxation of PKR443m (US$2.03m) in its 2022 financial year, compared to a profit of PKR358m in the corresponding period last year, said a company statement to the Pakistan Stock Exchange.

Net sales increased by 23 per cent to PKR17.49bn from PKR14.22bn in the same period last year. It incurred lower selling and distribution expenses of PKR965m from PKR1.19bn in FY21, while administrative costs increased to PKR286m from PKR254m over the same period.

The company produced 1.59Mt of cement in FY22 against 1.8Mt in the previous fiscal year. Exports in FY22 came in at 75,848t of cement and 419,830t of clinker.

Renewable green energy projects
Power Cement has taken new initiatives when it comes to green energy by embarking on a number of solar and wind power projects. According to the company’s annual report, a waste heat recovery system (WHRS) was installed in 2021, generating 10MW of green electricity. A solar power project of 7MW went live in August 2022, generating clean and green energy, while the company is also working on a 9MW wind project.

This will not only strengthen the company’s cashflow position but also help it achieve self-sustainability in energy generation through partial switching to green energy, reducing the carbon footprint, and contributing to the ecological environment. With these sustainable initiatives, Power Cement hopes to reduce carbon emissions by 21,000tpa.