Bestway Cement posts a fall in profit in 9MFY23-24

Bestway Cement posts a fall in profit in 9MFY23-24
19 April 2024

Bestway Cement Ltd (BWCL) announced its 3QFY23-24 (January-March 2024) and 9MFY23-24 (July 2023-March 2024) results on the Pakistan Stock Exchange (PSX) on 17 April 2024. The company’s net earnings stood at PKR10.31bn (US$37m) in the 9MFY23-24, down by 11.4 per cent YoY. The high cost of finance and expensive sales can be attributed to the lower profits during this period.

During this period, its gross sales increased by 27.1 per cent to PKR112.11bn from PKR88.22bn. It incurred a distribution cost of PKR992m against PKR739m and administrative expenses of PKR1.06bn compared to PKR1.17bn in 9MFY23-24. The finance cost increased to PKR8.56bn from PKR3.5bn during this period. 

The company’s Board of Directors announced an interim cash dividend of PKR6 per share for the quarter ended in their meeting on 17 April 2024. 

According to the company’s report, BWCL has five production lines in Pakistan with a total capacity of 15.3Mta.

Published under Cement News