Bestway consolidated turnover up 45.5%

Bestway Cement Ltd (BCL) said that its consolidated net turnover for the first half of FY15-16 soared by 45.5 per cent YoY to PKR21.1bn, largely due to the acquisition of Pakcem Ltd, an increase in domestic demand and stable retention prices.
 
The company's gross margin of PKR8.9bn rose by more than 61.9 per cent over the same period last year. Profit before tax for the period amounted to PKR7.6bn, representing a YoY increase of 37 per cent. Consolidated profit after tax also climbed 47 per cent to reach PKR5.7bn in the half-year versus PKR3.9bn from the corresponding period of FY14-15.
 
Domestic sales volume increased by 47  per cent from 2.1Mt to 3.1Mt during the six month period.  Despite fierce competition, Bestway said it was able to maintain its market share in the north zone and retained its position as the largest exporter of cement to Afghanistan and India.
 
Work on Bestway Cement's 12MW waste heat recovery plant at Pakcem is progressing at full pace. The project is expected to cost US$15m.

With a total cement capacity of over 8Mta Bestway is the country's largest cement producer.