Power Cement debuts export to the USA

Power Cement Ltd has dispatched its first shipment to the USA. This shipment follows the start of exports to the Europe. On 27 December 2023, Power Cement marked a significant milestone as it successfully entered the European market by exporting its cement to the UK, marking the company's commitment to global expansion. It positions the company as a formidable force in the international construction materials arena, notably as the first Pakistani cement exporter to enter the UK market.

According to Power Cement's 1HFY23-24 report, the company sold 1.389Mt of cement, up from 1.082Mt in the comparative period last year. Its sales revenue stood at PKR16.84bn (US$60.61m), representing an increase of 33 per cent compared to the previous year’s period. Gross profit for the 1HFY23-24 surged to PKR3.95bn, indicating a growth of around 43 per cent compared to the 1HFY22-23. In the face of lower export prices, increased electricity prices and other challenges on the cost side, the company has improved its gross profit, primarily attributable to a substantial increase in sales revenue. Despite the improvements in revenue and profit margins, due to the very high-interest rates prevalent in the country, the financial costs rose to PKR2.54bn from PKR1.79bn last year. Therefore, the company suffered a loss after tax of PKR470m in the1HFY23-24.