Bestway Cement in Pakistan has earned a rising profit of PKR11.89bn (US$41.39m) for the FY22-23 (July 2022-June 2023) against a net profit of PRK10.23bn reported in the same financial period of 2022 – a YoY growth of 13.6 per cent, according to the company’s financial results posted on Pakistan Stock Exchange (PSX) on 8 August.
The higher profit was possible due to increased gross sales/revenue, less discount, and administrative expenses incurred during this period. The finance cost jumped, but other income increased during this accounting period.
According to the financial result, the total sales increased to PKR120.18bn as opposed to PKR103.10bn in FY21-22, a 16.5 per cent YoY rise. The cost of sales stood at PKR60.42bn versus PKR49.37bn in the FY21-22. During the accounting period, distribution and selling expenses slightly rose to PKR987m (PKR972m in FY21-22). Administrative expenditure was down to PKR996m from PKR1.58bn from a year-ago period. The financial cost was PKR6.82bn during this accounting period from PKR1.48bn.
Bestway Cement commenced production at its greenfield plant in the Mianwali district in March this year. The plant is Bestway’s eighth production line, with a cement capacity of 2.3Mta. The state-of-the-art and environmentally friendly plant has its own 9MW WHR power plant as well as 20MW solar power generation, thereby meeting more than half of its energy requirement through green and renewable means.
With the commissioning of the Mianwali plant, Bestway now has a cement capacity of 15.3Mta of cement (based on 300 production days).
