Cement News tagged under: Pakistan
Pakistan cement dispatches fall 23% YoY in June 202306 July 2023, Published under Cement NewsAll Pakistan Cement Manufacturers Association (APCMA) has released local and export dispatch data for June and July 2022-June 2023 (FY22-23). It shows a YoY decline of 22.8 per cent in June 2023 when total cement dispatches reached 4.063Mt compared to 5.264Mt in the same month of the previous year. Of this total, local cement dispatches in June 2023 were 3.487Mt compared to 4.979Mt in June 2022, marking a decline of 30 per cent. Export dispatches, meanwhile, increased by 102.6 per cent as t... |
Power Cement reprofiles outstanding long-term obligations27 June 2023, Published under Cement NewsPower Cement Ltd 's Company Secretary, Salman Gogan, informed Pakistan Stock Exchange (PSX) that in the wake of rising inflationary pressures, high-interest rates and depressed local demand, the company has finalised an arrangement with a local syndicate of banks to re-profile its outstanding long-term obligations of PKR11.9bn (US$41.8m). The local syndicate of banks, in respect of their long-term debt, has favourably agreed on the following salient terms: four biannual principal re... |
Provisional dispatches data show a mixed trend in June 202326 June 2023, Published under Cement NewsAll Pakistan Cement Manufacturers Association (APCMA) is yet to release overseas and local cement dispatch data. Local cement sales are expected to grow by two per cent MoM in June 2023, but down 16 per cent YoY in the FY22-23 (July 2022-June 2023), according to a local research house. Topline Securities said Pakistan’s total cement sales in June 2023 are expected to increase by two per cent MoM, reaching 4Mt. Similarly, local dispatches are also anticipated to rise by two per cent... |
Attock Cement sells Iraqi unit for US$11.7m22 June 2023, Published under Cement NewsAttock Cement Ltd of Pakistan has updated Pakistan Stock Exchange (PSX) about selling its 60 per cent share in its Iraqi grinding plant on 21 June 2023. Company Secretary, Irfan Amanullah, has informed PSX that the agreement for the sale of the entire shareholding of the company in its subsidiary ‘ Saqr Al Keetan for Cement Production Co Ltd ’ reached, and the company has received a sum of US$11.700m as a consideration against the sale of 9m shares. The company will be sold to two bu... |
Pakistan cement exports continue mixed trend in 11MFY22-2321 June 2023, Published under Cement NewsThe cement industry in Pakistan continued to experience a mixed picture in export revenue during the first 11 months of the current financial year, which runs from July 2022 to June 2023. While the income earned in US dollars decreased, the Pakistani rupee improved due to the currency's devaluation. BMA Capital, in a research report on the cement industry, commented that the prospect of exports serving as a viable solution for new cement capacities appears reasonable. Analysts anticipate ... |
Pakistan International Bulk Terminal Ltd seeks loan deferment20 June 2023, Published under Cement NewsPakistan International Bulk Terminal Ltd (PIBTL) informed Pakistan Stock Exchange (PSX) last week that it has requested the International Finance Corp (IFC) and OPEC Fund for International Development (OFID) to defer the repayment of the principal instalment of its foreign loan due on 15 June 2023. The notification from Company Secretary, Karim Bux, did not disclose the amount payable but said that the company would continue to make the interest payment by the terms of its foreign financin... |
Cement players expect demand in FY24 to remain stable16 June 2023, Published under Cement NewsTopline Securities hosted the Pakistan Cement Conference 2023, where top executives of major cement players Maple Leaf Cement (MLCF), Lucky Cement (LUCK), DG Khan Cement (DGKC), Cherat Cement (CHCC), Kohat Cement (KOHC) and Pioneer Cement (PIOC) participated in the conference through Zoom recently. They ruled out unanimous fears of a price war, stating that it would be unwise to start a price war due to economic conditions and slow demand. However, they believed that major ... |
Clinker loading continues at Karachi Port amid cyclone threat13 June 2023, Published under Cement NewsThe Panamanian flag bulk carrier Lowlands Amstel (IMO: 9738947) is loading over 47,000t cement clinker at berth B11/B12 of Karachi Port of Pakistan due for Ghana amid safety measures due to the threat of a strong cyclone, which is likely to landfall/hit some coastlines of Sindh later this week, according to Karachi Port. The vessel has been uploading clinker since 11 June and stays longer to complete the lifting. Karachi Port Trust has already made an emergency plan for evacuating vessel... |
Pakistan's federal budget FY23-24, up 51%, to benefit construction13 June 2023, Published under Cement NewsFederal Minister for Finance and Revenue Senator, Mohammad Ishaq Dar, announced the Budget for the next fiscal year, FY23-24, with a total budgeted outlay of PKR14.5trn (US$50.53bn), up 51 per cent compared to the budgeted cost of FY22-23, on 9 June. Arif Habib, JS Global, Al Meezan Investment, and other research houses have presumed that the federal budget for FY23-24 would impact the cement industry as 'Neutral' to 'Positive'. Cursory looks indicate that tax measures directly or indirec... |
Pakistan's cement industry faces significant challenges12 June 2023, Published under Cement NewsOn 9 June the State Bank of Pakistan (SBP) released the “Pakistan Economic Survey FY23”, critically reviewing all sector performance, including the cement sector in 9MFY22-23 and the remaining months of FY22-23. While commenting, Topline Pakistan Research said the outgoing year was one of the worst periods in Pakistan’s recent economic history. Pakistan’s GDP growth is provisionally estimated at 0.3 per cent for FY22-23 as against the target of five per cent for FY22-23 and 6.1 pe... |