Power Cement Ltd has dispatched its first shipment to the USA. This shipment follows the start of exports to the Europe. On 27 December 2023, Power Cement marked a significant milestone as it successfully entered the European market by exporting its cement to the UK, marking the company's commitment to global expansion. It positions the company as a formidable force in the international construction materials arena, notably as the first Pakistani cement exporter to enter the UK market.
According to Power Cement's 1HFY23-24 report, the company sold 1.389Mt of cement, up from 1.082Mt in the comparative period last year. Its sales revenue stood at PKR16.84bn (US$60.61m), representing an increase of 33 per cent compared to the previous year’s period. Gross profit for the 1HFY23-24 surged to PKR3.95bn, indicating a growth of around 43 per cent compared to the 1HFY22-23. In the face of lower export prices, increased electricity prices and other challenges on the cost side, the company has improved its gross profit, primarily attributable to a substantial increase in sales revenue. Despite the improvements in revenue and profit margins, due to the very high-interest rates prevalent in the country, the financial costs rose to PKR2.54bn from PKR1.79bn last year. Therefore, the company suffered a loss after tax of PKR470m in the1HFY23-24.
