Cement News tagged under: Indian sub-continent
Pakistan cement exports continue mixed trend in 11MFY22-2321 June 2023, Published under Cement NewsThe cement industry in Pakistan continued to experience a mixed picture in export revenue during the first 11 months of the current financial year, which runs from July 2022 to June 2023. While the income earned in US dollars decreased, the Pakistani rupee improved due to the currency's devaluation. BMA Capital, in a research report on the cement industry, commented that the prospect of exports serving as a viable solution for new cement capacities appears reasonable. Analysts anticipate ... |
Coal ash laden vessel sinks in Bangladesh21 June 2023, Published under Cement NewsChittagong Port of Bangladesh has reported that a local vessel carrying coal ash for cement and other industries sank in the Alpha Anchorage area of the port on 14 June. According to local sources, the MV Delower Al Bahar, carrying 800t of coal ash, sank due to hostile weather in the outer anchorage of the Chattogram port. Bangladesh Inland Water Transport Authority officials said the vessel sank after its floor ruptured with crew on board the lighter ship jumping into the sea when it sta... |
Pakistan International Bulk Terminal Ltd seeks loan deferment20 June 2023, Published under Cement NewsPakistan International Bulk Terminal Ltd (PIBTL) informed Pakistan Stock Exchange (PSX) last week that it has requested the International Finance Corp (IFC) and OPEC Fund for International Development (OFID) to defer the repayment of the principal instalment of its foreign loan due on 15 June 2023. The notification from Company Secretary, Karim Bux, did not disclose the amount payable but said that the company would continue to make the interest payment by the terms of its foreign financin... |
Cement players expect demand in FY24 to remain stable16 June 2023, Published under Cement NewsTopline Securities hosted the Pakistan Cement Conference 2023, where top executives of major cement players Maple Leaf Cement (MLCF), Lucky Cement (LUCK), DG Khan Cement (DGKC), Cherat Cement (CHCC), Kohat Cement (KOHC) and Pioneer Cement (PIOC) participated in the conference through Zoom recently. They ruled out unanimous fears of a price war, stating that it would be unwise to start a price war due to economic conditions and slow demand. However, they believed that major ... |
Clinker loading continues at Karachi Port amid cyclone threat13 June 2023, Published under Cement NewsThe Panamanian flag bulk carrier Lowlands Amstel (IMO: 9738947) is loading over 47,000t cement clinker at berth B11/B12 of Karachi Port of Pakistan due for Ghana amid safety measures due to the threat of a strong cyclone, which is likely to landfall/hit some coastlines of Sindh later this week, according to Karachi Port. The vessel has been uploading clinker since 11 June and stays longer to complete the lifting. Karachi Port Trust has already made an emergency plan for evacuating vessel... |
Pakistan's federal budget FY23-24, up 51%, to benefit construction13 June 2023, Published under Cement NewsFederal Minister for Finance and Revenue Senator, Mohammad Ishaq Dar, announced the Budget for the next fiscal year, FY23-24, with a total budgeted outlay of PKR14.5trn (US$50.53bn), up 51 per cent compared to the budgeted cost of FY22-23, on 9 June. Arif Habib, JS Global, Al Meezan Investment, and other research houses have presumed that the federal budget for FY23-24 would impact the cement industry as 'Neutral' to 'Positive'. Cursory looks indicate that tax measures directly or indirec... |
Pakistan's cement industry faces significant challenges12 June 2023, Published under Cement NewsOn 9 June the State Bank of Pakistan (SBP) released the “Pakistan Economic Survey FY23”, critically reviewing all sector performance, including the cement sector in 9MFY22-23 and the remaining months of FY22-23. While commenting, Topline Pakistan Research said the outgoing year was one of the worst periods in Pakistan’s recent economic history. Pakistan’s GDP growth is provisionally estimated at 0.3 per cent for FY22-23 as against the target of five per cent for FY22-23 and 6.1 pe... |
Cement companies post a rise in pre-tax profit but face challenges08 June 2023, Published under Cement NewsIn 9MFY22-23, 12 out of the 16 cement manufacturers at the Pakistan Stock Exchange (PSX) reported impressive before-tax earnings. Despite a drop of 18 per cent in total offtake (sales volumes), revenue growth was 26 per cent higher YoY. The local media research team suggests that cement prices have more than compensated for the demand slowdown in the construction industry, leading to strong returns for cement companies. With only a few weeks until the fiscal year ends, if the current tra... |
JK Cement agreement to purchase Toshali Cements08 June 2023, Published under Cement NewsJK Cement has seen its shares rise after agreeing in principle a share purchase agreement for Toshali Cements for INR1570m (US$19m). The Board of Directors in its meeting has accorded in-principle approval to sign/execute a share purchase agreement with the shareholders and also with Toshali Cements Pvt Ltd (Toshali) for the acquisition of 100 per cnet equity shareholding from all the existing shareholders of Toshali," the company said in an exchange filing. Toshali Cement at present h... |
DG Khan Cement maintains its progress08 June 2023, Published under Cement NewsNishat Group -owned DG Khan Cement ( DGKC) is progressing well due to the back-up of dividends from group companies. According to Spectrum Securities Ltd, the portfolio/revenue of DG Khan is promising, given its holding company portfolio with major holdings in banks, textiles, power generation, agriculture, hotels and dairy. However, the company borrowed a massive loan to finance capacity expansion. Working capital requirements at the end of March 2023 stood at PKR42bn (US$146.6m). The ... |