Pioneer Cement Ltd (PIOC) posted a profit after tax of PKR2.61bn (US$9.07m) in FY23 versus PKR1.05bn in the previous financial year, the company said in a statement to the Pakistan Stock Exchange on 28 September.
This significant advance of 149 per cent YoY is mainly due to increased sales, which rose by 13 per cent to PKR36.16bn from PKR31.87bn in FY22.
The cost of sales increased to PKR26.75bn from PKR24.67bn over the same period. The company incurred higher distribution costs of PKR142m against PKR112m. Administrative expenses increased by PKR169m from PKR134m during this period. A higher PKR3.19bn was incurred as finance charges during this accounting period.
Pioneer Cement Limited has a plant at Khushab in Punjab, which has a capacity of 5.454Mta.
