Cement News tagged under: Pakistan
Pakistan's cement industry saw significant export growth in 2MFY23-2420 September 2023, Published under Cement NewsPakistan's cement industry saw significant growth in cement exports, both over land to Kabul and further afield by sea during 2MFY23-24 due to the depreciation of the Pakistani rupee and the falling prices of Afghan and local coal. According to AKD Securities Ltd, cement exports are expected to show growth going forward, driven by the viability of export prices, particularly in light of declining coal prices. IMS Research also believes that exports continue to demonstrate robust growth, p... |
Lucky Cement announces three new green power projects19 September 2023, Published under Cement NewsPakistan’s Lucky Cement has announced further investments in green power to help reduce its dependence on imported fuel. According to Business Recorder, the cement producer is launching three new renewable projects with a total power generation capacity of 37.6MW, in addition to the 25MW and 34MW solar power projects recently commissioned at its Karachi and Pezu plants, respectively. The new investments include a 28.8MW captive wind power plant at its Karachi works, a 6.3MW solar powe... |
Pakistani cement likely to get caught up in Torkham border suspension15 September 2023, Published under Cement NewsPakistan imports/exports in general and incoming/outgoing dispatches of containers/cargo from Pakistani ports to Afghanistan, as a transit trade facility in particular, have been suspended at the Pakistani-Afghan Torkham border (northwestern Pakistan) for the last week due to tension between Islamabad and Kabul. As a result, hundreds of trucks carrying essential goods have been stranded on both sides since the border was shut down after an exchange of fire in a dispute over an under-co... |
Fauji Cement sees positive way ahead14 September 2023, Published under Cement NewsFauji Cement Co Ltd (FCCL) expects local cement demand to develop positively in the FY23-24 with exports to Afghanistan, depending on the border situation, to improve, the company said. The Pakistan-based cement company is continuing its efforts to become the lowest-cost producer and increase its market share through a timely completion of its DG Khan expansion, scheduled for the 2QFY23-24. In addition, the company's board of directors has approved the construction of a 7.5MW solar powe... |
Maple Leaf Cement FY22-23 profit increases by 24%08 September 2023, Published under Cement NewsMaple Leaf Cement Factory Ltd (MLCF), subsidiary of Kohinoor Textile Mills , announced its financial results for FY22-23 on 6 September 2023. The company posted earnings of PKR4.49bn (US$14.65m) from PKR3.62bn during this period, up 23.9 per cent YoY. The improved profit was supported by higher sales, better retention prices and other income. According to MLCF filing to the Pakistan Stock Exchange (PSX), its net sales increased by 28 per cent to PKR62.07bn YoY. MLCF incurred a distribu... |
Profit of Cherat Cement shrinks by 1% in FY22-2307 September 2023, Published under Cement NewsCherat Cement Co Ltd ( Ghulam Faruque Group ) has announced its financial results for the year ended 30 June 2023 by declaring a net profit of PKR4.40bn (US$14.3m) as compared to PKR4.45bn in the same period last year. This translates into a profit shrinkage of 1.2 per cent in FY22-23 due to high finance, distribution, administration and taxation. The decline is majorly attributable to increased financial charges and higher taxation by AKD Research. The financing rose 41 per cent to PKR... |
Lucky Cement invested PKR100bn in the last few years07 September 2023, Published under Cement NewsLucky Cement ( Yunus Brothers Group) has invested over PKR100bn (US$325.3m) in the past 4-5 years, which includes PKR30bn in Lucky Electric Power Co (LEPCL), PKR50bn in cement operations and PKR15bn in auto segments. A top official of Lucky Cement shared this information during last week's corporate briefing. It is important to note here that during FY22-23, company profitability was down due to cement demand contraction and the imposition of super tax. Its local cement volumes were ... |
Kohat Cement reports 18% increase in sales in FY2301 September 2023, Published under Cement NewsKohat Cement Company (KOHC) has reported sales of PKR38.92bn (US$126.9m) in the fiscal year ending 30 June 2023 (FY23), marking an 18.4 per cent increase on the previous year. Gross profit over the same period advanced by 6.3 per cent from PKR9.8bn to PKR10.4bn, while profit after tax saw a 15.9 per cent improvement from PKR5.02bn in FY22 to PKR5.82bn in FY23. Earnings per share over the same timeframe expanded by 15.9 per cent from PKR25.01 to PKR28.98. KOHC has also successfully ins... |
DG Khan Cement incurs losses on taxes01 September 2023, Published under Cement NewsDG Khan Cement Co (DGKC) has reported a loss of PKR3.63bn (US$11.8bn) for the year ended 30 June 2023, compared to a profit of PKR2.97bn in the year-ago period, despite a rise in revenue. The company has attributed the loss to higher taxation and increased financial charges. The company says its net sales increased by 12 per cent to PKR64.98bn from PKR58.04bn during the 12-month period. It incurred a distribution cost of PKR1.81bn against PKR1.74bn and administrative expenses of ... |
Fauji Cement Co sees profit expand YoY in FY2330 August 2023, Published under Cement NewsFauji Cement Co Ltd (FCCL) has earned profit after tax of PKR7.4bn (US$24.34m) in FY23, compared to PKR7.1bn in FY22. The result comes despite the retrospective increase in the Super Tax rate from four per cent to 10 per cent having an impact of PKR1.98bn and taking the effective rate to 39 per cent. The gross finance cost also advanced from PKR1.2bn to PKR3.64bn to during this period. According to the company, it has continued to focus on implementing cost optimisation initiatives, i... |