Cement News tagged under: Pioneer Cement

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Pioneer Cement considers green and brownfield expansions

24 November 2022, Published under Cement News

Pioneer Cement Ltd (PIOC) of Pakistan is continuously assessing new avenues and business ventures, including green and brownfield expansions in the country, according to the company’s FY21-22 Annual Report. The introduction of the 10,000tpd Line III at PIOC's integrated cement works in  Khushab district, Punjab province, has increased total capacity at the plant to  17,300tpd. In addition, a  12MW waste heat recovery (WHR) facility and a 24MW coal power unit have been in operation ...

APCMA elects new executive committee

23 November 2022, Published under Cement News

Muhammad Ali Tabba, chief executive of Lucky Cement , has been appointed chairman of the All Pakistan Cement Manufacturers Association (APCMA) for the 12 months ending September 2023. Senior vice chairman of the APCMA over the same period has been named as Kohat Cement ’s Aizaz Mansoor Sheikh, while Attock Cement ’s Babar Bashir Nawaz has been elected vice chairman. Also elected were eight executive committee members, including: Sayeed Tariq Saigol ( Maple Leaf Cement ) Azam Fa...

Pioneer Cement’s profits shrink by 47% in FY21-22

13 October 2022, Published under Cement News

Pioneer Cement Ltd earned a net profit after tax of PKR1.05bn (US$4.83m) in FY21-22 (July 2021-June 2022) compared to PKR1.97bn in the same period the previous year. This translates to a decrease in profit by 47 per cent YoY.     The company, in its annual report, pointed out that its net sales during the reporting period increased by 46.1 per cent to PKR31.87bn from PKR21.81bn during the same period in the previous year. Despite the topline growth, increased input costs, higher inte...

Margins affected by 10% super tax

08 August 2022, Published under Cement News

Pakistan cement companies listed on the Pakistan Stock Exchange (PSX) are scheduled to announce their financial results for FY21-22 in August-September. The cement industry has fingers crossed to see their top line, which is likely to be impacted by the government's imposition of a one-time surcharge on the previous year's income. The Inter Market Securities Ltd estimated that higher tax and interest would chop earnings of the top seven companies.  IMS Cement Universe's (comprising Lucky ...

Bangladesh's cement sector sees signs of recovery in demand

17 August 2020, Published under Cement News

Premier Cement of Bangladesh has reported that the cement sector has been showing some signs of recovery for the last two months, despite the coronavirus pandemic. The sector had been reeling from the unprecedented collapse in demand in April and May because of the pandemic, which hammered activity and brought the construction sector to a grinding halt. However, activity has begun to pick up and are now back almost to the pre-pandemic level in June and July. "The economic front of a develo...

Pioneer Cement appoints new CEO, posted loss during 1HY19

03 March 2020, Published under Cement News

Pioneer Cement Ltd (PIOC) has announced its financial results for the half year ended 31 December  2019. It reported a loss after taxation of PKR111.66m (US$0.72m) compared to profit of PKR526.96m earned in corresponding period last year. The major factors for the loss were lesser revenue, fall in export of cement followed by paying of significant amount of federal excise duty. The company local sales slightly decreased by 2.8 per cent to PKR6.85bn from PKR7.05bn in the same period last yea...

Pioneer Cement signs limestone development agreement in Georgia

02 March 2020, Published under Cement News

Raysut Cement's UAE subsidiary, Pioneer Cement, has signed an agreement for the development of a limestone mine in Georgia. Under the 10-year deal SFL International will pay a royalty to Pioneer Cement for mining the limestone deposits. Pioneer Cement owns the concession to limestone mines in Georgia where it is currently set to construct a 1.2Mta cement plant. The plant will be located near Tbilisi, adjacent to the limestone mines. The value of the project is estimated at US$200m. Georgi...

Pioneer Cement's new kiln line starts production

16 January 2020, Published under Cement News

Pioneer Cement Ltd (PIOC) has informed Pakistan Stock Exchange (PSX) that the company successfully ignited its new 10,000tpd kiln line. Company Secretary, Abdul Wahab, said cement production and dispatch from the new line is expected to start soon.    The 2.2Mta brownfield expansion is part of the company's Vision 2025 programme, which includes a 24MW coal-fired power plant and 12MW waste heat recovery power plant at Khushab, Punjab. Before this expansion, the company had 2.03Mta of cement ...

Pioneer Cement records 4% fall in revenue

04 October 2019, Published under Cement News

Pakistan’s Pioneer Cement has reported a 3.8 per cent fall in revenue to PKR9.73bn (US$62.07m) in the FY19, compared with PKR10.12bn in the year-ago period. Operating profit declined 30.9 per cent YoY to PKR1.59bn from PKR2.3bn, while profit after tax slipped 51.9 per cent to PKR790m.

Pioneer Cement backtracks on Galadari Cement acquisition

14 June 2019, Published under Cement News

Pioneer Cement Ltd (PCL) has withdrawn its interest to buy a local cement production facility that is under construction. Abid Wahab, company secretary of PCL in a written communication to Pakistan Stock Exchange (PSX) communicated that the Memorandum of Understanding (MoU) that signed with Galadari Cement (Gulf) Ltd (GCGL) in Oct 2017 to acquire later has been terminated. No reason was disclosed for this change of heart after more than one-and-half years since signing agreement to acquire...