Power Cement and Dewan Cement announce financial results

Two more cement companies in Pakistan announced their financial results for the third quarter ending 31 March 2023, and 9MFY22-23. Power Cement reported an increase in profit by 18.5 per cent in 9MFY22-23, while Dewan Cement reported a loss after taxation of PKR758m (US$2.67m) against a loss of PKR64m during this period. The financial data indicates higher sales and expensive production costs on inflated financing. 

Power Cement Ltd has announced profits after tax increased to PKR553m during 9MFY22-23 against PKR6.78m earned in the corresponding period of 9MFY21-22. Its sales during the last nine months increased to PKR21.51bn from PKR13.34bn. Similarly, the cost of sales arrived at PKR16.68bn during this period from PKR11.11bn in 9MFY21-22. It incurred a higher distribution cost of PKR1.149bn against PKR659m. The financing cost rose to PKR2.8bn from PKR2.09bn during this accounting period. The administrative expenses increased to PKR274m from PKR215m during this period.

Dewan Cement reported a loss in the third quarter ending 31 March 2023. Company sales increased to PKR15.05bn in the 3QMFY22-23 from PKR11.87bn in 3QMFY-2122. Similarly, the cost of sales expanded to PKR14.75bn from PKR10.67bn during this period. During this nine-month accounting period, it incurred a higher distribution cost of PKR102m against PKR87m.However, administrative expenses decreased by PKR688m from PKR830m during this period.