Cement News tagged under: Pioneer Cement Ltd

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Varied results for PSX listed cement producers in 1QFY19-20

13 November 2019, Published under Cement News

The financial results of eight cement companies of Pakistan for the July-September 2019-20 period reveals that their profits shrank owing to weak sales, high financial charges and other unavoidable factors, with a few of them also sustaining losses.   Industry overview In the 1QFY19-20 Pakistan's cement industry posted a marginal growth of 2.6 per cent, amounting to 11.13Mt compared with 10.85Mt last year. Local dispatches remained more or less the same, rising to 9.12Mt from 9.06Mt in th...

Pioneer Cement profit shrinks by 52% in FY19

07 October 2019, Published under Cement News

Pioneer Cement Ltd (PIOC) of Pakistan has announced its financial results for the year ended 30 June 2019 today. It earned a net profit of PKR790m (US$5m) as compared to PKR1.644bn earned in the same period last year – falling by 52 per cent YoY. Sales declined from PKR10.12bn to PKR9.73bn during this accounting period. The drop in profit is reportedly due to increase in the cost of sales to PKR7.598bn from PKR7.310bn and an increase in finance cost from PKR94m to PKR270m during this report...

Pioneer Cement and DG Khan Cement report profit falls in 1HFY19

27 February 2019, Published under Cement News

Two more leading cement companies of Pakistan announced their financial results for 1HFY19 (July-December 2018) to the Pakistan Stock Exchange (PSX). DG Khan Cement Co Ltd (DGKC) and Pioneer Cement Ltd (PCL) reported falls in profit despite increased cement sales due to the negative impact of the devaluation of the Pakistani rupee, amid higher coal prices and other factors during this period.  DG Khan Cement While announcing its financial results for the half-year ended 31 December 201...

Pakistan cement producers record falling sales

28 September 2018, Published under Cement News

Pakistan’s Fecto Cement Ltd has announced a 42 per cent YoY fall in profit for the FY18 ended 30 June, declining to PKR441m (US$3.56m) from PKR760m. Net sales of the company decreased 4.5 per cent to PKR4.9bn, compared with PKR5.13bn from the year-ago period.  The company has a cement production capacity of 0.819Mta from its facility in Sangjani, Punjab. Elsewhere, Pioneer Cement Ltd has recorded a 44 per cent YoY drop in earnings to PKR1.64bn for the FY18. Net sales were down five per cent...

Pioneer Cement raises grinding capacity

28 June 2018, Published under Cement News

Pioneer Cement, located at Khushab, in Punjab province has increased its cement grinding capacity to 0.8Mta. Company Secretary, Waqar Naeem, notified the stock exchange on Wednesday that Pioneer Cement had raised its grinding capacity to 345tph. According to Sherman Securities' Research Analyst Saqib Hussain, the capacity increase of 0.8Mta will help the company improve its revenue and profit. The extra grinding capacity was delayed and was originally scheduled to come on-stream in Decembe...

Pakistan has eight brownfield cement projects underway

29 May 2018, Published under Cement News

The eight brownfield cement projects with a total capacity of 18.8Mta are at various stages of completion and scheduled to be commissioned between June 2019 and June 2020 at an estimated cost of over PKR159bn (US$1.37bn) in Pakistan, according to a research house report. So far, all the projects have completed, on average, at least 46 per cent of their construction. China-based Sinoma is currently building a 1.9Mta plant for Bestway Cement at a cost of PKR18.9bn and about 55 per cen...

Pioneer Cement appoints new General Manager

02 May 2018, Published under Cement News

Raysut Cement Company has appointed Ashley Bryan as General Manager of Pioneer Cement Industries LLC, UAE, which is a wholly-owned subsidary of Raysut Cement Company, effective April 2018. Mr Bryan ,49, will report to Raysut’s CEO, Joey Ghose. Ashley Bryan brings with him over 30 years of experience of the cement industry, having begun his career in 1988, and has worked in various engineering and operational roles in the UK, Nigeria and southeast Asia. He has an active interest in organisa...

Pioneer reports profit loss of 19% QoQ

24 October 2017, Published under Cement News

Pioneer Cement Co Ltd (PIOC) announced its 1QFY18 financial result, where it posted profit after tax of PKR417m (US$3.95m), down by 19 per cent on QoQ basis and 41 per cent on YoY basis.   According to a notification of company to Pakistan Stock Exchange, The company's revenue witnessed a fall of three per cent YoY to PKR2.4bn, according to a Pioneer notification to the Pakistan Stock Exchange. The decrease has been attributed by a research house to a 53 per cent decline in clinker sales...

Pioneer Cement to acquire Galadari Cement

06 October 2017, Published under Cement News

Pioneer Cement Company Ltd (PIOC) in a stock filing informed that it has signed a Memorandum of Understanding with sponsors of Galadari Cement (GULF) Ltd (GCGL) to acquire 100 per cent stake of the company. GCGL was incorporated in 1980 with acquisition of land at District Hub, in Baluchistan province of Pakistan, while formal construction of plant had begun during 1998. The plant's main equipment was procured from European manufacturers. However, due to legal and inheritance issues the ...

Pioneer Cement net income rises 16%

28 September 2017, Published under Cement News

Pioneer Cement Ltd posted a net income of PKR2.91bn (US$27.6m) in the fiscal year ended on 30 June, up 16 per cent compared with PKR2.51bn in the previous year, according to a company notice to the Pakistan Stock Exchange (PSX). Revenues of the company surged by 13 per cent YoY mainly driven by clinker sales made to Fauji Cement during the year. Gross margins of the company remained above industry average of 40 per cent, however, they dipped slightly by 100 basis points YoY to 42 per ce...