Displaying items by tag: Pakistan
Power Cement records loss as profit rises in 2022 financial year
06 October 2022Pakistan: Power Cement's sales rose by 23% year-on-year to US$78.3m in its 2022 financial year, from US$63.6m in its 2021 financial year. Nonetheless, it recorded a comprehensive loss of US$2.06m, compared to an income of US$1.58m in the 2021 financial year. The company's cost of sales rose by 35% to US$67.2m from US$49.8m.
Pakistan: Thatta Cement recorded net sales of US$19.1m during its 2022 financial year, up by 75% year-on-year from US$10.9m in its 2021 financial year. This included gross export sales of just US$3160, down by 99% from US$394,000 in the 2021 financial year. Thatta Cement's total cost of sales increased by 96% to US$18.1m from US$9.24m. Its raw material costs tripled to US$1.64m from US$546,000, while its fuel and power costs more than doubled to US$12.5m from US$5.89m. As a result, the producer recorded a profit for the year of US$387,000, down by 68% year-on-year from US$1.19m.
Chair Khawaja Muhammad Salman Younis said "The company showed better performance during the year, despite the tough market conditions, coupled with significant challenges and uncertainties due to political instability and the Russian-Ukraine war. Due to these factors, Pakistan’s economy remained under pressure throughout the year. Other economic factors such as the rise in energy prices in local and international markets, significant currency depreciation and a sudden hike in interest rates severely affected the industry's, as well as the company’s, performance." Noting the 'changing and challenging economic environment,' Younis said that Thatta Cement 'remained successful in achieving budgetary targets in terms of volumes and retention price.' He added "Our sales and marketing team put extra efforts into identifying the needs of our valued customers and explored new markets for the company, despite severe competition in the cement industry."
Zong 4G secures Lucky Cement communications contract
06 October 2022Pakistan: Lucky Cement has engaged telecommunications provider Zong 4G to supply its communication services. Pakistan Press International News has reported that the partners expect the collaboration to enhance Lucky Cement's operationality by addressing any connectivity issues.
Lucky Cement executive director Noman Hassan said "By harnessing the power of connectivity, we can identify opportunities to enhance our business operations."
Hazrat Ali appointed as Chief Financial Officer of Dewan Cement
05 October 2022Pakistan: Dewan Cement has appointed Hazrat Ali as its chief financial officer. He succeeds Imran Ahmed Javed in the role. The cement producer operates two plants.
Flying Cement to expand Lilla cement plant
05 October 2022Pakistan: Flying Cement plans to expand Line 2of its 1.2Mt/yr Lilla cement plant by 17% to 9000t/day. Mettis Global News has reported that the producer has already received clearance from the Punjab Environment Protection Agency for the expansion. The upgraded line will be operational from mid-late 2023.
Flying Cement will also establish a new 21MW captive power plant at the Lilla cement plant.
Committee reviews Chakwal cement plant plans
28 September 2022Pakistan: The Punjab Assembly has constituted a committee to review proposed plans for a new cement plant in Chakwal in the Province's Rawalpindi Division. Protestors have previously complained about plans to the Punjab Environment Protection Agency. The Dawn newspaper has reported that stated concerns include the threat to the local water supply, damage to future tourism promotion and possible harm to endangered species, including autochthonous wild sheep.
Lucky Cement to buy back up to 3.1% of shares
22 September 2022Pakistan: Lucky Cement has informed investors that it plans to buy back shares up to an equivalent of 3.1% of its registered share capital, which it has valued at US$417,000. The company will commence the purchase from 29 September 2022, and continue until its completion or 27 March 2023.
Fauji Cement doubles sales and profit in 2022 financial year
21 September 2022Pakistan: Fauji Cement recorded sales of US$226m during its 2022 financial year, more than double its US$101m-worth of sales recorded in its 2021 financial year. The company's net profit was US$29.6m, more than double its 2021 financial year profit of US$14.5m. Fauji Cement's cost of sales also more than doubled to US$166m from US$75.8m.
Lucky Cement distributes flood aid
15 September 2022Pakistan: Lucky Cement has distributed ration bags, tents and first aid kits to victims of flooding Dadu, Khairpur, Sanghar and Uthal.
The Balochistan Times newspaper has reported that the company said “The immense destruction of houses and damages to crops caused by the floods, made victims homeless and they are now in the state of starvation.” It continued “In this time of crisis, Lucky Cement, Pakistan's largest cement manufacturer, has reached out to far-flung areas which were worst affected by the flash floods in North and South of Pakistan to provide relief to the victims.”
DG Khan Cement’s revenue grows by 29% to US$248m
14 September 2022Pakistan: DG Khan’s revenue grew by 29% year-on-year to US$248m in the financial year to 30 June 2022 from US$193m a year earlier. Its profit for the year fell by 20% to US$12.7m from US15.9m. The main reason for the fall in profit was due to higher taxation in the reporting y