Pioneer Cement’s profits expand 60% in 1QFY23-24

Pioneer Cement Ltd (PIOC) announced its 1QFY23-24 result on the Pakistan Stock Exchange website, where the company posted a profit after tax (PAT) of PKR933m (US$3.32m) compared to PAT of PKR585m in the same quarter last year. This translates into a growth of 59.5 per cent YoY, due to expansion in revenue during the period.

PIOC’s sales (gross revenue) increased by 4.7 per cent to PKR8.71bn from PKR8.32bn in the accounting comparative period.

It incurred a higher distribution cost of PKR55m against PKR29m. The administrative expenses have also increased to PKR79m from PKR37m during this period. This accounting period incurred a lesser PKR895m as finance charges.