The Board of Directors of Bestway Cement Ltd recently presented its report with unaudited financial statements for the quarter ending 30 September 2024. The company recorded a gross turnover of PKR38.2bn (US$136.82m) in that quarter, five per cent higher than the PKR36.2bn recorded in the same quarter last year. However, net turnover decreased by four per cent, from PKR25.9bn to PKR24.8bn. A decrease in sales volumes mainly contributed to lower revenue.
Gross profit for the quarter was reported at PKR8.1bn, compared to PKR7.2bn during the same quarter last year. Financial charges decreased to PKR2.4bn for the quarter, compared to PKR3bn for the same quarter the previous year, due to a decline in interest rates and a reduction in borrowings.
Profit before tax was PKR6.2bn, compared with PKR4.7bn for the quarter ended 30 September 2023. Profit after taxation was PKR4.1bn, compared with PR3.1bn for the same quarter last year. The company’s quarterly earnings per share were PKR6.81, compared with PKR5.16 for the same quarter the previous year.
Bestway Cement’s compound cement dispatches decreased by 17 per cent, higher than the industry decline of 14 per cent. This is mainly due to low demand and intense competition in the market during the period under review. Despite fierce competition, Bestway successfully retained its position as the country's first cement producer and market leader.
By Abdul Rab Siddiqi, Pakistan
