Pioneer Cement’s profit expanded by 49% in 1HFY23-24

Pioneer Cement Ltd announced its 1HFY23-24 result on the Pakistan Stock Exchange (PSX) website on 28 February 2024, where the company posted a profit after tax (PAT) of PKR2.62bn (US$9.38m) compared to PKR1.76bn in the equivalent period last year. This translates into a growth of 49.1 per cent YoY on the back of reduced financial costs and an increase in other income.

Its sales (gross revenue) increased to PKR18.82bn from PKR18.64.08bn in financial year-ago period. The company incurred a higher distribution cost of PKR104m against PKR62m. The administrative expenses also increased to PKR162m from PKR80m during this period. 

According to IMS Research, Pioneer Cement has posted an exceptional result, marked by expanding margins alongside decreasing finance costs. The company’s profitability is expected to remain robust, supported by declining coal costs. The improved profitability enables aggressive debt reduction, further enhancing the bottom line.