Cement News tagged under: Pakistan
Pakistan companies start posting financial results on PSX12 August 2024, Published under Cement NewsTop cement companies in Pakistan will begin releasing their financial results for the last quarter (April-June 2024) on the Pakistan Stock Exchange (PSX) website. The Topline Cement Universe, which includes Lucky Cement , Kohat Cement , Fauji Cement , DG Khan , and Maple Leaf Cement, is expected to post profitability of PKR12.5bn (US$44.9m) in the 4QFY23-24 against a profit of PKR11.1bn in the 3QFY23-24, up by 13 per cent QoQ due to higher average retention prices. This will take FY23-... |
Pakistan's cement industry grapples with local tax issues08 August 2024, Published under Cement NewsPakistan’s cement industry is grappling with local tax measures announced in the Federal Budget 2025 amid falling local demand and has sought the intervention of the federal government to rescue the industry. In an appeal to the Prime Minister of Pakistan, Shehbaz Sharif, the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and the Chairman of the Federal Board of Revenue (FBR) Government of Pakistan, Malik Amjed Zubair Tiwana, All Pakistan Cement Manufacturers Associati... |
Punjab increases limestone royalty rate06 August 2024, Published under Cement NewsTo increase revenue from the mining sector, the government of Punjab, Pakistan, has announced an increase in the royalty rate on limestone to six per cent of the ex-factory sales price of cement or clinker. This represents a change from the previous fixed rate of PKR250 (US$0.90)/t. As a result, the cost of limestone per bag of cement is expected to increase to PKR55 from PKR19/bag currently. Research house AKD Securities anticipates that the cost increase will be passed onto consumers, ... |
Maple Leaf Cement is diversifying into the Pakistan fertiliser business02 August 2024, Published under Cement NewsMaple Leaf Cement Factory Ltd (MLCF) has entered the lucrative Pakistani fertiliser business. According to the company’s notification to the Pakistan Stock Exchange (PSX) on 29 July, MLCF plans to enter the sector through the acquisition of additional shares and control of Agritech Ltd (AGL), a fertiliser plant located north of Mianwali City in Punjab that produces and sells urea and granulated Single Superphosphate. According to IMS Research, it is important to note that MLCF, along with... |
Pakistan expects local cement dispatches to fall in July 202431 July 2024, Published under Cement NewsPakistan's local cement dispatches are likely to fall 24-26 per cent YoY and 32-34 per cent MoM to clock in at around 2.08Mt in July 2024. This was roughly estimated by BMA Capital Management Ltd, which further adds that local cement dispatches on a YoY basis are down due to a slowdown in construction activities courtesy of higher cost of construction, plus muted government spending on infrastructure due to fiscal constraints, as well as the implementation of axle load. Furthermore, the M... |
Pakistan's bagged cement export revenue reaches US$266.51m in FY23-2425 July 2024, Published under Cement NewsPakistan’s cement and clinker exports increased by 40.4 per cent to US$266.51m in the FY23-24 (July 2023-June 2024), from US$189.87m in the FY22-23, according to Pakistan Bureau of Statistics (PBS) data. In Pakistani rupee terms, export revenue saw a significant growth of 57.8 per cent to PKR75.46bn during the period, sustained by the local currency’s stable competitive rates against the US dollar, improving margin in the international market against a lull in domestic demand. Export volumes... |
Pakistan's cement industry to meet greenhouse gas emissions challenge24 July 2024, Published under Cement NewsPakistan's cement industry's focus on reducing emissions from clinker production and improving energy efficiency, while considering alternative fuels and materials is seen as more crucial than ever. With the industry's emissions having seen a significant surge in recent years, a detailed report highlighted in local media claims that urgent action is required to address the environmental impact of the industry’s expansion. Dr Mohammed Faheem Khokhar, a National University of Sciences and T... |
DG Khan Cement to establish US subsidiary22 July 2024, Published under Cement NewsFollowing the successful export of cement to the USA, the leading cement manufacturer and exporter in Pakistan, DG Khan Cement Co Ltd (DGKC), has officially informed the Pakistan Stock Exchange (PSX) of its intention to establish a fully-owned subsidiary in Houston, Texas, USA. The proposed name for this new venture is DG Cement USA LLC. This significant development was disclosed on 19 July 2024, in a formal letter by Khalid Mehmood Chohan, company secretary to the PSE general manager. ... |
Pakistan cement to see modest growth on higher exports in FY24-2518 July 2024, Published under Cement NewsResearch house AKD Research has projected that Pakistan’s cement dispatches will grow at 2.4 per cent YoY, primarily due to increased exports between June 2024 and July 2025. This follows a two per cent expansion in FY23-24, driven by higher export volumes, while domestic sales fell to a seven-year low. Despite introducing an increase in federal excise duty (FED) on cement in the FY24-25 budget, AKD Research reassures that the industry has successfully passed on this increase to customers... |
Bestway Group acquires shares in UNBL UK16 July 2024, Published under Cement NewsBestway Group of the UK, which has a stake as a parent company in cement and bank operations in Pakistan, will notice the exchange of shareholding patterns among two banking businesses in Pakistan and Great Britain. According to AHL Research, United Bank Ltd (UBL operation in Pakistan) has finalised the sale of its 55 per cent stake in United National Bank Ltd UK (UNBL UK) to Bestway Group, having obtained all the necessary and stringent regulatory approvals, ensuring the legality and sec... |