Cement News tagged under: Pakistan
Fauji Cement Co sees profit expand YoY in FY2330 August 2023, Published under Cement NewsFauji Cement Co Ltd (FCCL) has earned profit after tax of PKR7.4bn (US$24.34m) in FY23, compared to PKR7.1bn in FY22. The result comes despite the retrospective increase in the Super Tax rate from four per cent to 10 per cent having an impact of PKR1.98bn and taking the effective rate to 39 per cent. The gross finance cost also advanced from PKR1.2bn to PKR3.64bn to during this period. According to the company, it has continued to focus on implementing cost optimisation initiatives, i... |
Fauji Cement plant achieves ISO certification for energy management29 August 2023, Published under Cement NewsFauji Cement (FCCL) has announced that its manufacturing facility in Nizampur , Khyber Pakhtunkhwa, has achieved ISO 50001:2018 certification through TUV, Austria for its Energy Management System (EnMS), making it the third facility in the Pakistan cement sector to achieve this certification. FCCL is known for producing quality cement products for the last 31 years in Pakistan. According to the company, this certification is seen as a step forward towards improving its energ... |
Cement dispatches are likely to rebound in August 202324 August 2023, Published under Cement NewsWhile Pakistani cement dispatch data for August 2023 is yet to be released by All Pakistan Cement Manufacturers (APCMA), Topline Securities has forecast that local cement dispatches will increase by 19-23 per cent YoY in August 2023 due to low base effect in the corresponding period. An analyst said today that total cement sales during August 2023 are anticipated to increase by 23-27 per cent YoY and 26-29 per cent MoM. Local dispatches will likely rise by 19-23 per cent YoY and 25-29... |
A 24% fall in Pakistan cement exports in July 202322 August 2023, Published under Cement NewsPakistan began the FY23-24 (July 2023-June 2024) by registering lower cement and clinker exports in value and volume terms, with sea exports declining. While reviewing the monthly trends between the southern and northern regions, Usama Rauf, an investment analyst at AKD Securities, observes that exports have fallen in the south, primarily due to coal procurement challenges. This has led companies in this region to focus on the local market. The higher local retention prices have further ince... |
Lucky Cement achieves another milestone for solar energy22 August 2023, Published under Cement NewsLucky Cement ’s GM Finance and Company Secretary, Faisal Mahmood, informed the Pakistan Stock Exchange (PSX) on 21 August 2023 about the successful completion and commissioning of its 25MW captive solar power plant located at its manufacturing site in Karachi. The project was executed within the stipulated timelines and has commenced operations as of 20 August 2023. Lucky Cement’s installed power generation capacity for self-consumption from renewable sources now stands at 39 per cent, i... |
Pakistan's cement industry’s mixed financial results await at PSX18 August 2023, Published under Cement NewsCement producers have started posting their financial results on the Pakistan Stock Exchange (PSX) for 4QFY22-23 and the full year of 2023. Mixed results are expected, yet Spectrum Research has stated that higher financial costs and super tax reduce profitability. It adds sluggish economic activities, leading to a decline in the country’s construction materials demand, mainly cement and steel. The higher inflation and low purchasing power also contributed to a reduction in cement dispa... |
Bestway Cement sees 16% YoY decline in cement dispatches17 August 2023, Published under Cement NewsBestway Cement Ltd has reported a 16 per cent YoY decline in total cement disptaches in the fiscal year 2023 (ended 30 June 2023) due to reduced local and export sales volumes. The company attributes the decline to fierce competition. However, Bestway retained its position as the largest cement producer and the market leader in the country on the back of its superior quality and wide product range, according to the company. The company recorded a gross turnover of PKR120bn (US$405m) in ... |
Lucky Cement awarded 20th annual environment excellence award 202311 August 2023, Published under Cement NewsLucky Cement Ltd received the environment excellence award at the 20th Annual Environment Excellence Awards 2023, organised by The National Forum of Environment and Health (NFEH), recognising its commitment to sustainable development and contribution towards protecting the overall environment for a greener Pakistan. Chief Operating Officer of Lucky Cement Ltd, Amin Ganny , said, “We at Lucky Cement believe in environment-friendly practices and are committed to conserving the en... |
Bestway Cement earns a rising profit of PKR11.89bn in FY22-2310 August 2023, Published under Cement NewsBestway Cement in Pakistan has earned a rising profit of PKR11.89bn (US$41.39m) for the FY22-23 (July 2022-June 2023) against a net profit of PRK10.23bn reported in the same financial period of 2022 – a YoY growth of 13.6 per cent, according to the company’s financial results posted on Pakistan Stock Exchange (PSX) on 8 August. The higher profit was possible due to increased gross sales/revenue, less discount, and administrative expenses incurred during this period. The finance cost ju... |
Lucky Cement earned a net profit of PKR13.7bn in FY22-2309 August 2023, Published under Cement NewsLucky Cement earned an after-tax profit of PKR13.7bn (US$47,687m) in FY22-23 as compared to PKR15.3bn reported last year, mainly on account of higher tax charges because of the levy of super tax at 10 per cent on a perpetual basis in the Finance Act 2023. Lucky informed the Pakistan Stock Exchange (PSX) that its gross sales revenue increased by 15.9 per cent compared to last year. Although the local sales volumes declined by 14.9 per cent, the sales revenue increased by 16.9 per cent (... |