Cement News tagged under: Indian sub-continent
Confidence Cement to issue rights shares19 September 2024, Published under Cement NewsBangladesh cement producer Confidence Cement PLC has decided to issue rights shares to raise BDT1.29bn (US$m10.78m) for investment in an associate company named Confidence Cement Dhaka and repayment of term loans. The Chittagong-based cement manufacturer will issue one right share for every three existing shares at BDT45 each, including BDT35 as a premium, as per the board’s decision at a recent meeting. The company’s total number of ordinary shares is 86.25m, meaning the cement make... |
DG Khan Cement posts a profit of PKR542m in FY23-2417 September 2024, Published under Cement NewsDG Khan Cement Co Ltd (DGKC) reported its financial results for FY23-24 on the Pakistan Stock Exchange website on 16 September. The company posted a profit of PKR542m (US$1.95m) compared to a loss of PKR3.64bn in the previous period. Other income and lower taxation helped to achieve profit during this period. According to AHL Research, DG Khan's topline during FY23-24 reached PKR66.03bn, an uptick of two per cent YoY in contrast to PKR64.98bn in the previous period, on the back of high... |
Fauji Cement Co earns its highest-ever profit in FY2428 August 2024, Published under Cement NewsFauji Cement Co Ltd posted its financial results for 4QFY24 and FY24 on the Pakistan Stock Exchange’s website on 27 August 2024. The company earned a profit after tax of PKR8.2bn (US$29.44m) (FY23 - PKR7.4bn), the highest ever in its history. Top officials attribute that this is despite an additional charge of deferred tax amounting to PKR1.8bn on account of the latest amendment made in tax laws, where income tax on exports has been changed from presumptive tax (deducted at the time of exp... |
Pakistan cement industry challenges ahead27 August 2024, Published under Cement NewsAccording to IMS Research, the industry has shifted toward cost optimisation in the absence of strong growth prospects and rising energy costs. Companies plan to improve their power mix by shifting toward cheaper options (coal), thus depicting sharp earnings in the results ahead. Analysts assumed that domestic demand for cement has been weak in the past three years (average YoY growth of -7.2 per cent) and is anticipated to recover gradually (by two per cent YoY in FY25). However, industr... |
Pakistan's July exports have negative trend?27 August 2024, Published under Cement NewsAccording to the Federal Bureau of Statistics (FBS), Pakistan’s cement industry has lesser cement and clinker exports in value and volume terms during the first month of the current financial year, July 2024 (July 2024-June 2025), MoM. The cement industry earned export revenues of US$14.49m by dispatching 403,225t of clinker and cement via land and sea compared to US$29.71m from 905,801 in June 2023. According to FBS, this represents a sharp MoM fall of 51.24 per cent in US dollar terms and ... |
Cherat Cement reported an increase in profit by 25% in FY23-2423 August 2024, Published under Cement NewsCherat Cement Co Ltd of Pakistan has announced its financial results for the year ended 30 June 2024. It reported an increase in profit after tax to PKR5.49bn (US$) from PKR4.40bn earned in the corresponding period last year. This reflects a growth of 24.9 per cent YoY, which was possible during this period due to higher sales, according to financial results posted on the Pakistan Stock Exchange (PSX) on 22 August 2024. The fall in financial cost also contributed to a strong profit. The... |
JSW Cement to launch IPO as it plans capacity expansion21 August 2024, Published under Cement NewsOn 16 August 2024, JSW Cement filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). According to the DRHP, JSW Cement plans to increase grinding capacity to 40.85Mta from the current 20.6Mta and installed clinker capacity to 13.04Mta from current 6.44Mta. JSW Cement has a road map to double its cement capacity and also look for acquisitions, according to the company’s initial public offering (IPO) documents. In his interactions with the pr... |
Sri Lanka's Tokyo Cement Group to raise its capacity to 4Mta19 August 2024, Published under Cement NewsSri Lanka-based Tokyo Cement ’s management hopes to complete the ongoing factory expansion project later this year, increasing overall cement production capacity from 3.1Mta to 4Mta. The new capacity will come online in the second half of this year. The project is expected to place Tokyo Cement in an advantageous position to capitalise on the industry revival as the economy rebounds. The company aims to solidify its market leadership as the nation’s largest cement manufacturer in Sri La... |
Royalty issue on cement raw materials in Punjab landed in court19 August 2024, Published under Cement NewsAccording to Topline Research, Punjab-based cement manufacturers have obtained a stay order from the court against the imposition of six per cent of ex-factory cement/clinker price as royalty on limestone and argillaceous clay in a major development. However, the analyst remarked that this stay is subject to bank guarantees to be furnished by manufacturers. To avoid any unfavourable decision in the future, the Punjab manufacturers are increasing cement prices by up to INR75/bag (US$0.89/bag... |
Lucky Cement to enter the gold and copper mining business19 August 2024, Published under Cement NewsLucky Cement Ltd is actively pursuing diversification through National Resource Ltd (NRL), which will pursue Pakistan’s copper and gold mining business. Top officials at Lucky Cement recently held a corporate briefing session to discuss the operational and financial performance for FY23-24. They stated that a pre-feasibility study is being conducted, and at least 2-3 years will be needed to understand the mining potential. The PKR8.5bn (US$30.5m), 28.8MW wind power project will come onl... |