Cement News tagged under: Pakistan
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... |
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 ... |
Lucky Cement urges govt to take export measures07 June 2023, Published under Cement NewsPakistan's business tycoons and economic experts, including the cement industry conglomerate Lucky Cement, have suggested a media debate on the forthcoming federal budget 24, to be presented in parliament on 11 June 2023. The country aims to apply for another International Monetary Fund (IMF) programme to fulfil its growing foreign debt repayment issues and other liabilities. Recall that the IMF has not yet released the US$1.1bn loan tranche, originally due in November 2022. This altoget... |
The cement sector is looking forward higher allocation of PSDP in FY23-2407 June 2023, Published under Cement NewsThe Annual Plan Coordination Committee (APCC) of Pakistan's government has recommended PKR2.659trn (US$9.27bn) of national development outlay for the next budget 2023-24, including a federal Public Sector Development Programme (PSDP) of PKR1.1trn and a provincial allocation of PKR1.559trn. Minister for Planning Ahsan Iqbal told journalists that Prime Minister Shehbaz Sharif directed the Ministry of Finance to increase the PSDP size from PKR700bn to PKR950bn for the upcoming budget and PK... |
APCMA reports 19% increase in cement dispatches in May 202305 June 2023, Published under Cement NewsThe All Pakistan Cement Manufacturers Association (APCMA) released more encouraging data for May 2023 than in the previous month of April, which was overshadowed by the season break during Ramadan. The cement representative body is salient about the upward trend. The rise in dispatches has been attributed to increased export and local buying before the announcement of the federal budget as a precaution against measures that would put upward pressure on prices. In addition, falling coal pric... |
Low cement production in 1HFY22-23 attributed to construction downtrend26 May 2023, Published under Cement NewsLast week, the State Bank of Pakistan (SBP) released its half year report for the FY22-23 on the state of Pakistan’s economy. The analysis in the report covered all sectors, including cement, was prepared on data for the July-December 2022 period. Cement industry output The output in the cement sector contracted by 15.1 per cent during the 1HFY22-23, compared to a 0.9 per cent decline in the same period last year. According to the All Pakistan Cement Manufacturing Association (APCM... |
Cement export revenue totals US$150m in 10MFY22-2323 May 2023, Published under Cement NewsThe cement industry in Pakistan experienced a mixed trend in export revenue during the first 10 months of the current financial year, which runs from July 2022 to June 2023. While the amount of revenue earned in US dollars decreased, it actually improved in terms of the Pakistani rupee due to the currency's devaluation. Based on the latest data from the Federal Bureau of Statistics (FBS), the cement industry's export earnings for the 10MFY22-23 amounted to US$150.487m, with 3.242Mt of ce... |
DG Khan Cement to diversify into new cement export markets19 May 2023, Published under Cement NewsPakistan-based DG Khan is diversifying cement operations into new export markets, further enhancing the company's revenue mix. It recently delivered a 0.6Mt export order to the USA, according to a local research house. DG Khan Cement , which had increased its southern region capacity by 2.8Mta to 7.1Mta at its Hub plant in Balochistan in 2018, has not yet announced any capacity project during the ongoing expansionary cycle. According to AKD Securities Ltd, the industry capacity has in... |