Pakistan: Bestway Cement has reported that its profit after tax has risen by 47% year-on-year to US$54.4m from July to December 2015 from US$372m in the same period in 2014. Its revenue rose by 45.5% to US$201m from US$138m. It attributed the growth to the acquisition of Pakcem, an increase in domestic demand and stable prices during the period.
Domestic sales volumes for the company increased by 47% to 3.1Mt from 2.1Mt. It reported that overall dispatches by the Pakistan cement industry increased by 6.3% to 18.2Mt from 17.1Mt. Overall exports dropped by 26% to 3Mt from 4.1Mt. Bestway reported that it maintained its market share in the north of Pakistan and retained its position as the largest exporter of cement to Afghanistan and India, despite fierce competition.
Work on Bestway Cement’s 12MW waste heat recovery plant at Pakcem Kallar Kahar progressed during the period. The upgrade project is expected to cost US$15m.