Pioneer Cement Ltd sees double-digit profit growth in 1QFY24-25

Pioneer Cement Ltd announced its 1QFY24-25 financial result on the Pakistan Stock Exchange’s website on 29 October. It reported earnings of PKR1bn (US$3.5m), up 10 per cent from PKR0.9bn in the previous period.

Based on the result, AKD Research reported that PIOC revenue clocked in at PKR7.9bn, a nine per cent YoY decline from PKR8.7bn in the same period last year. The decrease in turnover is attributed to a 23 per cent YoY drop in sales. However, this was partially mitigated by a 17 per cent YoY increase in retention prices. Admin expenses surged by 72 per cent YoY due to inflationary pressures.

Finance costs dropped by 48 per cent YoY to PKR493m versus PKR950m in 1QFY24-25 due to a 38 per cent YoY reduction in the company’s outstanding debt and a decline in KIBOR rates.
by Abdul Rab Siddiqi