Cement News tagged under: pakistan
Bestway Cement to appoint new directors14 November 2019, Published under Cement NewsBestway Cement Ltd of Pakistan has announced holding of extraordinary general meeting of the company on 5 December 2019 to elect eight directors for the next term of three years. The new eight member’s team of directors would replace retiring directors namely, Mohammed Anwar Pervez, Muhammad Irfan Anwar Sheikh, Muhammed Younus Sheikh, Haider Zameer Choudhrey, Zameer Mohammed Choudhrey, Dawood Pervez, Njma Naheed Pirzada and Nazib Nazir. |
Varied results for PSX listed cement producers in 1QFY19-2013 November 2019, Published under Cement NewsThe financial results of eight cement companies of Pakistan for the July-September 2019-20 period reveals that their profits shrank owing to weak sales, high financial charges and other unavoidable factors, with a few of them also sustaining losses. Industry overview In the 1QFY19-20 Pakistan's cement industry posted a marginal growth of 2.6 per cent, amounting to 11.13Mt compared with 10.85Mt last year. Local dispatches remained more or less the same, rising to 9.12Mt from 9.06Mt in th... |
Bestway's CEO takes seat in UK House of Lords06 November 2019, Published under Cement NewsBritish-Pakistani businessman Lord Zameer Choudrey has formally taken his seat in the House of Lords with a pledge to use his position to work towards improving trade relations between Pakistan and the UK. As the Chief Executive of Bestway Group, Lord Choudrey manages Bestway Cement Ltd, United Bank Ltd and MAP Rice Mills, aside from owning Bestway Wholesale in the UK, Well Pharmacy, real estate investments, and a string of retail outlets, plus ethnic food and beverage import and distribut... |
Pakistan cement industry makes record dispatches in October FY19-2004 November 2019, Published under Cement NewsThe Pakistani cement industry has recorded a modest growth of 9.2 and 4.5 per cent in domestic and overseas cement dispatches in October 2019 alone and in the July-October 2019 period, respectively, according to data of the All Pakistan Cement Manufacturers’ Association (APCMA). October 2019 Industry dispatches for October 2019 reached at all-time high to 4.984Mt as compared to 4.564Mt in October 2018, reflecting a 9.2 per cent YoY growth. APCMA attributed it to a healthy surge in dispat... |
Pakistan defers axle load and CNIC issues04 November 2019, Published under Cement NewsThe Pakistani government is deferring two issues that had earlier caused a negative impact on the country's cement industry: the axle load and documentation of sale over PKR50,000/t (US$321/t). Two major issues – axle load and documentation of sale beyond PKR50,000/- (US$321/-) (the condition of submission of Computerised National Identity Card) are being deferred. Axle load issue Pakistan's Prime Minister, Imran Khan, has asked the Frontier Works Organisation (FWO) to defer the implemen... |
Dandot Cement plant closed due to viability issue04 November 2019, Published under Cement NewsDandot Cement Company Ltd has announced to shut its 504,000tpa of cement plant at Jehlum, Punjab province, Pakistan, due to various reasons, according to company notification to the Pakistan Stock Exchange (PSX). Dandot's Company Secretary, Muhammad Kamran, said the company has been facing serious challenges with respect to maintaining viable operations at the plant, adequate liquidity and has incurred huge financial losses in recent years. Furthermore, the current operations of the exis... |
Profitability review 1QFY19-20 of nine top Pakistan companies01 November 2019, Published under Cement NewsPakistan research house Spectrum Securities Ltd, while reviewing nine top cement companies' performances for the 1QFY19-20, has concluded that cement sector continues to be in turmoil, due to the shrinking construction activities, higher interest rates and excess installed capacity. Therefore, during the first quarter of FY19-20, the sector posted a net loss. Analysts from Spectrum Securities Ltd observed that in the 1QFY19-20, industry sales fell by six per cent YoY to PKR52.734bn (US$338... |
Lucky Cement reports fall in profit by 62% in 1QFY2031 October 2019, Published under Cement NewsLucky Cement Ltd of Pakistan has announced its financial results for the 1QFY20 ended September 2019. It posted a net profit after tax of PKR955.8m (US$6.1m) as compared to PKR2.492bn earned in the same quarter last year, which is contracted by 62 per cent. Apparently, fewer sales to PKR13.92bn from PKR6.01 during this period was one of the factors, besides company attributes it to adverse pricing and cost inputs in addition to higher distribution cost. The company sustained a hi... |
Central Bank reviews Pakistan's cement industry performance in FY1930 October 2019, Published under Cement NewsPakistan State Bank has released its annual report for the FY2018-19, in which the bank reviewed the performance of all sectors, including the country's cement industry. Real GDP growth decelerated to 3.3 per cent in FY19, compared to 5.5 per cent last year. While all the economic sectors contributed towards this lacklustre performance, the major drag came from the commodity-producing sector. The slowdown was broadly attributed to contractionary economic policies and inflationary pressures i... |
Pakistan's cement production continues to slide25 October 2019, Published under Cement NewsThe latest data released by the Pakistan Federal Bureau of Statistics shows that large-scale manufacturing industries (LSMI) observed a negative trend in Pakistan's manufacturing sector during July-August 2019-20, including the cement sector. The overall output of LSMI decreased by 6.04 per cent for July-August, 2019-20 compared to July-August, 2018-19. Cement production fell by 5.03 per cent to 5.795Mt from 6.102Mt during this period – a trend that has been attributed to the country's eco... |