Pakistan manufacturers post strong 1HFY22-23 financial results

According to the Pakistan Stock exchange (PSX), Pioneer Cement Ltd (PIOC) earned a profit of PKR1.76bn (US$6.81m) in 1HFY22-23 compared to PKR1.14bn made in the previous year’s corresponding period. This reflects a growth of 54.1 per cent YoY.

PIOC's gross sales increased by 19.4 per cent to PKR25.08bn in 1HFY22-23 from PKR21bn during the same period last year. It incurred distribution expenses of PKR61m against PKR52m in the previous financial period. The administrative costs rose to PKR79m from PKR68m during this period. 

Maple Leaf Cement
Maple Leaf Cement Factory Ltd (MLCF) reported an increase in profit after tax to PKR4.30bn 1HFY22-23 from PKR2.75bn earned in the corresponding period in the previous year. This reflects a growth of 56.2 per cent YoY. MLCF’s net sales increased to PKR30.05bn from PKR22.1bn during this period. It incurred a distribution cost of PKR884m in 1HFY22-23 against PKR713bn, and administrative expenses of PKR690m compared to PKR448m in 1HFY21-22. The finance cost almost doubled to PKR1.08bn from PKR676m during this period.  

DG Khan Cement
DG Khan Cement Co Ltd (DGKC) has reported a fall in profit after tax of PKR1.25bn in 1HFY22-23 compared to PKR2.45bn earned in the corresponding period last year. Net sales jumped to PKR32.56bn from PKR29.14bn during this period. Administrative expenses increased to PKR502m from PKR433m. The company incurred lesser selling and distribution expenses of PKR511m against PKR1.01bn. 

Bestway Cement
Bestway Cement Ltd (BWCL) earned a profit after tax of PKR8.06bn in 1HFY22-23 compared to PKR6.56bn made in the 1HFY21-22. This reflects a growth of 23 per cent YoY. Its net sales increased by 20.3 per cent to PKR58.24bn from PKR48.43bn during this period. It incurred a reduced distribution cost of PKR471m in the 1HFY22-23 against PKR530bn and higher administrative expenses of PKR708m in the 1HFY22-23 compared to PKR624m in 1HFY21-22.

The company's Board of Directors announced an interim cash dividend of INR6 per share, ie 60 per cent for the quarter ended, in its meeting on 22 February 2023.