Al-Abbas Cement proposes name change, Pakistan

Pakistan cement manufacturer Al-Abbas Cement Industries Ltd (AACIL) is to change its name to Power Cement Limited, the company said in a filing to the Karachi Stock Exchange.

The company’s board of directors agreed the name change at a board meeting on 18 December 2012 which is subject to approval by regulatory authorities and shareholders of the company.

During the first quarter of the current fiscal year, the company earned a profit of PKR109.88m compared to a loss of PKR173.38m in the first quarter of the previous fiscal. Net sales have increased 15.4 per cent despite a reduction in sales volumes to 100,667t compared to 101,946t in the same period last year. The increase in revenue is mainly attributed to rising prices and high retention rates. The company’s gross margins also increased to 13.9 per cent compared to 0.53 per cent in the same period of FY11-12.

The company produced 148,446t of clinker and 116,712t of cement compared to 95,410t of clinker and 104,720t of cement in the same period of of last year, achieving an increase of 55.6 per cent in clinker production and 12.1 per cent in cement. Local sales rose 83,471t compared to 82,980t in FY11-12. Exports have declined slightly from 18,966t to 17,196t.