Cement News tagged under: Pioneer Cement

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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Pioneer Cement Ltd (PCL) has withdrawn its interest to buy a local cement production facility that is under construction.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...

Pioneer Cement announces 28% fall in net profit

30 April 2019, Published under Cement News

Pakistan’s Pioneer Cement Limited (PCL) has announced a 28.1 per cent YoY decrease in net profit to PKR825m (US$5.82m) for the nine months ended 31 March, compared to PKR1.14bn in the year-ago period. However, net sales increased 3.8 per cent to PKR10.43bn from PKR10.05bn. The company incurred a distribution cost of PKR132m against PKR114m in the 9MFY17-18. Administrative expenses also rose 22.1 per cent to PKR83m from PKR68m incurred in the same period last year. The company has a cem...

Pioneer Cement to begin RDF usage

02 January 2019, Published under Cement News

UAE-based Pioneer Cement, a subsidiary of Raysut Cement, has signed an agreement with Emirates RDF that will lead to the use of fuel derived from household waste in its production plant. According to a statement, the company will be one of the first cement facilities in the region to use waste fuel. "Pioneer Cement has a strong focus in protecting the environment and the agreement, which will pave the way for us to use RDF (refuse derived fuel), is a pioneering step in bringing innovation i...

Pioneer Cement sees profits fall by 38% in 1QFY19

26 October 2018, Published under Cement News

Pioneer Cement Ltd (PCL) announced its financial results for the 1QFY19 on 25 October. It posted a profit fall to PKR257m (US$1.93m), down by 38.4 per cent YoY, as compared to PKR417m reported in the same period last year.   According to PCL's notification to Pakistan Stock Exchange (PSX), company sales during the quarter increased by 2.5 per cent YoY to PKR3.23bn from PKR3.15bn reported during the same period last year.   The company incurred higher distribution cost of PKR41m and admini...

Cemtech MEA 2018

06 April 2018, Published under Cement News

Industry professionals from over 30 countries gathered for the 13th Cemtech Middle East & Africa 2018 conference and exhibition, held between 17-20 February at the JW Marriott Marquis hotel in Dubai, UAE. Cemtech MEA 2018 opened to over 200 delegates Opening this year’s Cemtech MEA conference, Thomas Armstrong, managing editor of International Cement Review, welcomed over 200 delegates to Dubai. In his presentation, he observed how global overcapacity is driving competition betw...

Pioneer Cement reports 1HFY18 profit fall

21 February 2018, Published under Cement News

Pioneer Cement Ltd has announced that its net profit for the period 1HFY18 fell by 51 per cent to PKR737m (US$6.6m). T his was reportedly due to a decrease in sale, increase in cost of sales as well as higher in distribution and administrative expenses. The financing cost has also increased to PKR49m from PKR2.5m. The company's net sales fell from PKR5.19bn to PKR4.89bn, whereas, cost of sale increased to PKR3.4bn from PKR3.07bn during this period. No dividends were announced by the comp...