Pakistan: Bestway Cement's turnover on a consolidated basis jumped by 38% year-on-year to US$89.1m in the first quarter of its 2016 fiscal year, which ended in September 2015. This was largely due to the acquisition of Pakcem Limited, the increase in domestic demand and stable retention prices during the quarter. Its profit before tax grew by 28% to US$30.3m, while its profit after tax grew by 34% to US$21.8m.
On a consolidated basis, Bestway's domestic sales volume increased by 48% 1.2Mt, while exports fell by 4% to 189,208t. Overall, cement dispatches increased by 38% to 1.4Mt. Despite fierce competition, Bestway was able to maintain its market share in the north of Pakistan and retained its position as the largest exporter of cement to Afghanistan and India.
During the quarter, Bestway further reduced its reliance on the national grid by taking energy-saving initiatives and launched a 12MW waste heat recovery power plant at its Pakcem Kallar Kahar operations. The implementation of this project, which is expected to cost US$15m, will support in alleviating the country's power crisis to a certain extent and also reduce the cost of production whilst generating clean, affordable energy.
