Bestway Cement Factory reports 1HFY23-24 fall in profit

Bestway Cement Ltd (BWCL) announced its 2QFY23-24 (October-December) and 1HY23-24 (July-December 2023) results on the website of the Pakistan Stock Exchange (PSX) on 21 February 2024. The company's net earnings at PKR6.78bn (US$24.25m) in 1HFY23-24 were down 15.9 per cent YoY. The high cost of finance, sales tax, excise duty and expensive cost of sales can be attributed to lesser profit during this period.

Its gross sales increased by 31.9 per cent to PKR76.81bn from PKR58.24bn during this period. It incurred a distribution cost of PKR609m against PKR471m during this period and administrative expenses of PKR757m compared to PKR708m in 1HFY22-23. The finance cost went up to PKR5.69bn during this period.

BWCL has a total production capacity of 15.3Mt in Pakistan and is said to be the largest producer.