Gharibwal Cement Ltd informed Pakistan Stock Exchange (PSX) that its downhill conveyor belt project has now started commercial operations. The 3.15km-long conveyor belt can transport 1200tph raw material (crushed limestone, clay, silica, etc) from quarry to the pre-blending yard. said Company Secretary, Muhammad Shamail Javed.
It is claimed that this conveyor belt is first of its kind in Pakistan because in addition to transporting the raw material, it also generates electricity up to 1.1MW and is therefore self-sufficient in its power demand. Furthermore, the conveyor system transfers excess electricity to the main plant for use in its operations.
The completion of this project will replace raw material transport by dump truck and as a result, help the company to reduce its raw material transportation cost.
According to company half-yearly report ended 31 December 2016, a waste heat recovery (WHR) project is also under commissioning and expected to go into commercial production in February 2017.
Furthermore, the company has finalised the contract with CITIC China for supply of new 8000tpd plant. Tthe first shipment of a new 250tph cement grinding mill has arrived at the Ismailwal plant in Pind Dadan Khan Tehsil, Chakwal district, Punjab province. This mill is expected to come into operation by 3Q17.
Financial performance during 1H17
Gharibwal Cement has reported an after-tax profit of PKR1112m (US$10.6m) compared to PKR1024m in corresponding period of July-December 2016, representing a nine per cent YoY rise. The company's cement sales volume increased by about four per cent to 736,712t YoY for the period under review. The cumulative cement and clinker sales volume resulted in the net sales value advancing by 13 per cent YoY. A rise in coal and fuel price was mitigated by sales volume increaseleading to a healthy 13 per cent growth in gross profit.
