Cement News tagged under: Pakistan
Bestway Cement earns a rising profit of PKR11.89bn in FY22-2310 August 2023, Published under Cement NewsBestway Cement in Pakistan has earned a rising profit of PKR11.89bn (US$41.39m) for the FY22-23 (July 2022-June 2023) against a net profit of PRK10.23bn reported in the same financial period of 2022 – a YoY growth of 13.6 per cent, according to the company’s financial results posted on Pakistan Stock Exchange (PSX) on 8 August. The higher profit was possible due to increased gross sales/revenue, less discount, and administrative expenses incurred during this period. The finance cost ju... |
Lucky Cement earned a net profit of PKR13.7bn in FY22-2309 August 2023, Published under Cement NewsLucky Cement earned an after-tax profit of PKR13.7bn (US$47,687m) in FY22-23 as compared to PKR15.3bn reported last year, mainly on account of higher tax charges because of the levy of super tax at 10 per cent on a perpetual basis in the Finance Act 2023. Lucky informed the Pakistan Stock Exchange (PSX) that its gross sales revenue increased by 15.9 per cent compared to last year. Although the local sales volumes declined by 14.9 per cent, the sales revenue increased by 16.9 per cent (... |
Kohat Cement completes the buyback of 5m shares08 August 2023, Published under Cement NewsKohat Cement Co Ltd (KOHC) informed Pakistan Stock Exchange Ltd (PSX) on 3 August that in compliance with Regulation 10(g) of the listed companies (buy-back of shares) regulations, 2019, the company with this informs that Kohat Cement Co (the company) has completed the buy-back of its 5m ordinary shares in accordance with the approvals of the company's members given in its Extraordinary General Meeting of 21 February 2023. Accordingly, the purchase period for the buy-back is completed. ... |
Pakistan started with a massive growth in cement dispatches in 1MFY23-2407 August 2023, Published under Cement NewsPakistan recorded a considerable growth of 57.4 per cent in cement dispatches in July 2023, when total cement dispatches totalled 3.21Mt against 2.04Mt dispatched in July 2022. According to the data released by the All Pakistan Cement Manufacturers Association (APCMA), local cement dispatches by the industry in July 2023 were 2.78Mt compared to 1.89Mt in July 2022, showing an increase of 47.2 per cent. Export dispatches increased by 183.9 per cent as the volumes increased from 153,517t in J... |
Rising energy price may dent cement business in Pakistan03 August 2023, Published under Cement NewsPakistan's government increased the fuel price in the country on 1 August 2023. Two influential trade organisations, the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and the Korangi Association of Trade and Industry (KATI), strongly opposed the recent increase in petrol prices, calling for its immediate withdrawal. An increase in transport costs would spike the cement industry's dispatches and raw material transportation costs. FPCCI President, Irfan Iqbal Sheikh, has s... |
Attock Cement Pakistan Ltd completes share sales in Iraqi subsidiary03 August 2023, Published under Cement NewsThe Company Secretary at Attock Cement Pakistan Ltd, Irfan Amanullah, has informed the Pakistan Stock Exchange (PSX) that further to the company’s intimation dated 21 June 2023, regarding the sale of the entire shareholding of the company in its subsidiary Saqr Al-Keetan for Cement Production Co Ltd (SAKCPCL), it announces that the process of transfer of 9m shares to the buyers is duly completed on 26 July 2023 and the shares have been registered in the name of buyers under the Iraqi Law... |
Lucky Cement receives KCCI Export Trophy Award27 July 2023, Published under Cement NewsLucky Cement Ltd ( Yunus Brothers ) has received the KCCI Export Trophy Awards for its outstanding achievements in the international market. CEO of Lucky Cement Ltd, Muhammad Ali Tabba, was honoured with the prestigious KCCI Platinum Export Trophy Award for the company’s exceptional performance in the cement sector from 2020-21. Mr Tabba expressed his gratitude for the recognition, stating, “We are immensely proud to be acknowledged by the KCCI.” He added, “We focus on implementing adva... |
Higher power prices send cement prices up in Pakistan25 July 2023, Published under Cement NewsConstruction costs in Pakistan are expected to rise due to a hike in industrial electricity tariffs, effective from 1 July 2023. As agreed with the IMF under its US$3bn standby arrangement, the government notified an increase in electricity prices for industrial customer by PKR7.50/kWh (US$0.026) and for residential customers by an average of PKR6.45/kWh, according an AHL Research assessment report. This increase in electricity prices is expected to reduce the deficit and circular debt and ... |
Pakistan cement earns an export revenue of US$190m in FY23 (July -June)24 July 2023, Published under Cement NewsPakistan's cement industry saw a negative growth in exports in FY22-23 (ended 30 June 2023). Value and quantity were both down during this period. Pakistan cement industry's export earnings in FY22-23 ( ended 30 June 2023 ) amounted to US$190m, with 4.248Mt of cement and clinker exported worldwide, based on the latest Federal Bureau of Statistics (FBS) data. This represents a contraction from the previous year's earnings of US$224m and 5.733Mt exports, indicating a decline of 15.2 per c... |
Pakistan's cement industry’s bottom line may improve in FY23-2418 July 2023, Published under Cement NewsAHL Research has released a positive forecast for Pakistan’s cement industry performance in FY23-24. The analyst estimates that cement demand is expected to recover in FY23-24 due to a significant decline in coal prices, energy efficiencies and higher retention prices, which should stimulate the bottom line. In addition, the IMF programme provided much-needed clarity and assurance concerning the economic plan for the next nine months with US$3bn in three instalments of which the first tra... |