Cement News tagged under: Pakistan

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Bestway's CEO takes seat in UK House of Lords

06 November 2019, Published under Cement News

British-Pakistani businessman Lord Zameer Choudrey has formally taken his seat in the House of Lords with a pledge to use his position to work towards improving trade relations between Pakistan and the UK.   As the Chief Executive of Bestway Group, Lord Choudrey manages Bestway Cement Ltd, United Bank Ltd and MAP Rice Mills, aside from owning Bestway Wholesale in the UK, Well Pharmacy, real estate investments, and a string of retail outlets, plus ethnic food and beverage import and distribut...

Pakistan cement industry makes record dispatches in October FY19-20

04 November 2019, Published under Cement News

The Pakistani cement industry has recorded a modest growth of 9.2 and 4.5 per cent in domestic and overseas cement dispatches in October 2019 alone and in the July-October 2019 period, respectively, according to data of the All Pakistan Cement Manufacturers’ Association (APCMA).   October 2019 Industry dispatches for October 2019 reached at all-time high to 4.984Mt as compared to 4.564Mt in October 2018, reflecting a 9.2 per cent YoY growth. APCMA attributed it to a healthy surge in dispat...

Pakistan defers axle load and CNIC issues

04 November 2019, Published under Cement News

The Pakistani government is deferring two issues that had earlier caused a negative impact on the country's cement industry: the axle load and documentation of sale over PKR50,000/t (US$321/t). Two major issues – axle load and documentation of sale beyond PKR50,000/- (US$321/-) (the condition of submission of Computerised National Identity Card) are being deferred. Axle load issue Pakistan's Prime Minister, Imran Khan, has asked the Frontier Works Organisation (FWO) to defer the implemen...

Dandot Cement plant closed due to viability issue

04 November 2019, Published under Cement News

Dandot Cement Company Ltd has announced to shut its 504,000tpa of cement plant at Jehlum, Punjab province, Pakistan, due to various reasons, according to company notification to the Pakistan Stock Exchange (PSX).   Dandot's Company Secretary, Muhammad Kamran, said the company has been facing serious challenges with respect to maintaining viable operations at the plant, adequate liquidity and has incurred huge financial losses in recent years. Furthermore, the current operations of the exis...

Profitability review 1QFY19-20 of nine top Pakistan companies

01 November 2019, Published under Cement News

Pakistan research house Spectrum Securities Ltd, while reviewing nine top cement companies' performances for the 1QFY19-20, has concluded that cement sector continues to be in turmoil, due to the shrinking construction activities, higher interest rates and excess installed capacity. Therefore, during the first quarter of FY19-20, the  sector posted a net loss. Analysts from Spectrum Securities Ltd observed that in the 1QFY19-20, industry sales fell by six per cent YoY to PKR52.734bn (US$338...

Lucky Cement reports fall in profit by 62% in 1QFY20

31 October 2019, Published under Cement News

Lucky Cement Ltd of Pakistan has announced its financial results for the 1QFY20 ended September 2019. It posted a net profit after tax of PKR955.8m (US$6.1m) as compared to PKR2.492bn earned in the same quarter last year, which is contracted by 62 per cent.  Apparently, fewer sales to PKR13.92bn from PKR6.01 during this period was one of the factors, besides company attributes it to adverse pricing and cost inputs in addition to higher distribution cost. The company sustained a hi...

Central Bank reviews Pakistan's cement industry performance in FY19

30 October 2019, Published under Cement News

Pakistan State Bank has released its annual report for the FY2018-19, in which the bank reviewed the performance of all sectors, including the country's cement industry. Real GDP growth decelerated to 3.3 per cent in FY19, compared to 5.5 per cent last year. While all the economic sectors contributed towards this lacklustre performance, the major drag came from the commodity-producing sector. The slowdown was broadly attributed to contractionary economic policies and inflationary pressures i...

Pakistan's cement production continues to slide

25 October 2019, Published under Cement News

The latest data released by the Pakistan Federal Bureau of Statistics shows that large-scale manufacturing industries (LSMI) observed a negative trend in Pakistan's manufacturing sector during July-August 2019-20, including the cement sector. The overall output of LSMI decreased by 6.04 per cent for July-August, 2019-20 compared to July-August, 2018-19. Cement production fell by 5.03 per cent to 5.795Mt from 6.102Mt during this period – a trend that has been attributed to the country's eco...

Maple Leaf Cement incurs losses in 1QFY19

25 October 2019, Published under Cement News

Maple Leaf Cement Factory Ltd (MLCF) of Pakistan has announced its consolidated financial results for the 1QFY19, ended 30 September 2019. It incurred a net loss of PKR982m (US$6.29m) compared to the profit of PKR586m earned in the same quarter last year, despite an increase in sales, which rose to PKR7.14bn from PKR5.65bn during the period. Increased finance costs, which expanded to PKR799m from PK224m over the period, was the main reason cited for the loss in profit. MLCF incurred a lo...

DG Khan Cement sales increased in 1QFY20

25 October 2019, Published under Cement News

DG Khan Cement Co Ltd (DGKC) of Pakistan has announced its consolidated financial results for the 1QFY20, ended September 2019. DGKC incurred a net loss of PKR1.44bn (US$9.2m) as compared to profit of PKR341m earned in the same quarter last year. The losses are attributed to an increase in the cost of sales, which increased to PKR10.25bn from PKR7.70bn during this accounting period. The finance cost also increased from PKR650m to PKR1.37bn during July-September 2019. The company's sales ...