Cement News tagged under: Pakistan
Power Cement appoints Muhammad Arif Habib as chairman of the board30 October 2024, Published under Cement NewsPower Cement Ltd has announced the appointment of Muhammad Arif Habib as its new chairman of the board, effective October 28, 2024. Mr Habib replaces Nasim Beg, marking a significant shift in the leadership of one of Pakistan’s key cement producers. Muhammad Arif Habib, a well-known figure in Pakistan's corporate landscape, brings extensive experience in the finance and investment sectors. As chairman of Arif Habib Corp Ltd, one of Pakistan’s largest conglomerates, his expertise spans i... |
Lucky Cement presents a mixed result in 1QFY24-2529 October 2024, Published under Cement NewsPakistan’s largest cement producer, Lucky Cement Ltd , announced its financial results for 1QFY24-25 on the Pakistan Stock Exchange (PSX) website on 28 October. The company posted unconsolidated earnings of PKR6.562bn (US$23.6m), a five per cent YoY decline compared to PKR6.929bn in the same period last year. On a consolidated basis, net profit settled at PKR17.927bn compared to PKR17.706bn in the equivalent period of the previous year, a slight increase of one per cent YoY. The AHL Rese... |
Fauji Cement saw profit rise to 24% in 1QFY24-2528 October 2024, Published under Cement NewsFauji Cement has informed the Pakistan Stock Exchange (PSX) about its financial results for the 1QFY24-25, which ended on 30 September 2024. The company earned a profit after tax of PKR3.2bn (US$11.52m) compared to PKR2.6bn in the same period last year, an increase of 24 per cent (YoY). Its net profit ratio was 14 per cent compared to 13 per cent YoY. The company announcement says that the gross profit margin improved to 34 per cent compared to 31 per cent YoY. This is mainly attributable... |
Thatta Cement Co experienced a significant rise in profit in 1QFY24-2528 October 2024, Published under Cement NewsThatta Cement Co Ltd in Pakistan announced its financial results on 25 October. It reported earnings of PKR597m (US$2.15m) for the 1QFY24-25. The YoY growth of 392 per cent in earnings is attributed to higher gross margins and other income. BMA Capital Management Ltd remarked that the earnings aligned with market expectations. The company’s topline increased by 17 per cent YoY to PKR1.7bn due to higher retention prices and growth in local cement dispatches. The company reported a distri... |
Maple Leaf Cement exhibits fall in profit during 1QFY2525 October 2024, Published under Cement NewsMaple Leaf Cement announced its financial results for 1QFY24-25 on the Pakistan Stock Exchange (PSX) website on 24 October. It recorded consolidated earnings of PKR1.34bn (US$4.82m), compared to PKR1.626bn YoY, a 17.28 per cent fall. The initial impression from the result shows that lesser sales coupled with higher distribution and other expenses put pressure on net profit. Net revenue decreased to PKR15.7bn in 1QFY25 from PKR16.67bn in the last fiscal year, primarily due to lower domesti... |
Gharibwal Cement plans to enhance its solar generation capacity by 8MW to 20MW25 October 2024, Published under Cement NewsGharibwal Cement (GWLC) remains committed to diversifying away from the national grid. Its captive capacity stood at 70MW during FY24. Moreover, the company plans to enhance its solar generation capacity by 8MW to 20MW. The project’s cost is estimated at PKR550m, and its expected completion date is March 2025. According to BMA Research coverage of the briefing, the company’s reliance on the national grid increased to 32 per cent during the fiscal year, compared to 31 per cent in FY23. Mor... |
Lucky Cement installs 28.8MW wind power project at Karachi plant23 October 2024, Published under Cement NewsPakistan-based Lucky Cement announced today the successful completion and commissioning of a 28.8MW captive wind power project at its Karachi plant. The project was completed within the stipulated timelines and costs and commenced operations on 21 October 2024. With this achievement, the company’s installed power generation capacity for self-consumption from renewable sources, including solar power and waste heat recovery plants at its Karachi and Pezu sites now stands at 55 per cen... |
State Bank of Pakistan reveals a rise in cement exports in FY23-2422 October 2024, Published under Cement NewsState Bank of Pakistan, the country’s central bank, released its state of economy 2023-24 on 17 October 2024. The annual report included the cement industry in Pakistan. It stated that cement production declined by 4.5 per cent in FY23-24, significantly lower than 13.7 per cent in FY22-23. The decline was largely due to a fall in domestic cement dispatches, which could be associated with rising prices. Yet, the cement export, on the other hand, experienced a notable increase from 4.6Mt in FY... |
Attock Cement Pakistan sees 96% 1Q post-tax profit drop21 October 2024, Published under Cement NewsAs announced on 18 October, Attock Cement Pakistan Ltd (ACPL) reported a significant decline in profit for the 1QFY24-25. The company revealed a profit after tax of PKR62m (US$223,674), a dramatic drop from PKR1.544bn in the same period last year, marking a 96 per cent YoY decrease. This decline is attributed partly to the gain from selling its subsidiary, Saqr Al Keetan, in the 1QFY23-24. However, a closer examination of the results indicates that increased distribution and financial cost... |
DG Khan Cement posts a profit after tax of PKR804m in 1QFY24-2518 October 2024, Published under Cement NewsDG Khan Cement announced its financial results on the Pakistan Stock Exchange (PSX) website on 17 October, reporting a profit after tax of PKR804m (US$2.89m) in the 1QFY24-25. This marks a 21.6 per cent increase from a profit of PKR661m in the equivalent period of the previous financial year, which followed a loss after tax of PKR1.692bn in the 1QFY22-23. A preliminary analysis indicates that a reduction in the cost of sales and lower financing costs contributed to the company’s notable pr... |