Pakistan’s listed cement sector at PSX posted earnings of PKR36.2bn in the third quarter of FY26, reflecting a seven per cent YoY and four per cent QoQ increase. The growth was driven by higher dispatches and improved pricing, according to Topline Pakistan Research. Cumulative nine-month earnings stood at PKR108bn, up 17 per cent YoY.
Net sales rose 14 per cent YoY to PKR190bn but slipped four per cent QoQ, taking 9MFY26 sales to PKR575bn (+9 per cent YoY). Domestic dispatches grew 4 per cent YoY to 10.1Mt, while exports surged 35 per cent YoY to 2.3Mt, led by sea-borne shipments from southern mills. Average bag prices climbed to PKR1,417 in the North and PKR1,451 in the South.
Gross margins improved slightly to 30.1 per cent in 3QFY26 (vs. 29.6 per cent last year), though cumulative margins eased to 30.4 per cent from 31.2 per cent in 9MFY25. Rising reliance on Richards Bay coal amid Afghan supply disruptions pushed coal prices up 16 per cent QoQ to US$98.95/ton.
Other income fell 21 per cent YoY to PKR12bn but rose 36 per cent QoQ, supported by Lucky Cement’s dividend inflows. Finance costs dropped 20 per cent YoY to PKR5bnn, aided by lower debt and interest rates.
By Abdul Rab Siddiqi, Pakistan
