Displaying items by tag: Attock Cement

Iraq: Pakistan-based Attock Cement has scheduled an extraordinary general meeting in late May 2023 to approve the sale of a cement grinding plant at Khor Al-Zubair in Basra for around US$23m. It is preparing to sell a 60% share in the unit to a joint venture comprising Abdul Lateef Mohsin Al Geetan, an Iraqi national, and Lamassu Babylon General Trading Company, an organisation based in Dubai, UAE.

Pakistan: Attock Cement recorded standalone sales of US$92.6m in its 2022 financial year, down by 3.6% year-on-year from US$96.1m in its 2021 financial year. The company produced 2.18Mt of clinker, down by 32% from 3.19Mt, corresponding to a capacity utilisation of 76%. The decision to reduce production came about due to high coal costs. Attock Cement sold 1.8Mt of cement, down by 10% from 2.01Mt in the 2021 financial year. The producer's cost of sales rose by 1.1% year-on-year to US$75.9m from US$75.1m. It profit after tax nonetheless grew by 1.2%, to US$5.07m from US$5.01m.

Chair Laith Pharaon said "The 2022 financial year was a challenging year for the company, as export sales remain depressed due to uncompetitive prices demanded by regional markets, which were also facing the uncertainties." He continued "Due to higher input costs owing to the significant increase in energy prices, the gross margin also declined by 4%. However, because of exchange gain on foreign receivables and dividend income received from its Iraq-based 60% subsidiary Saqr Al Keetan, operating margin improved by 3%.

Iraq: Pakistan’s Attock Cement has begun commercial operation of its Basra grinding plant. The 0.9Mt/yr unit was commissioned in April 2019.

Iraq: Pakistan’s Attock Cement has commissioned its new grinding plant in Basra. Civil, mechanical and electrical construction work on the unit was finished in January 2019.

Pakistan: Attock Cement’s profit fell by 25% year-on-year to US$9.7m in the nine months of the end of March 2019 from US$12.9m in the same period to March 2018. Its revenue rose by 36% to US$114m from US$83.7m.

Iraq: Pakistan’s Attock Cement has completed civil, mechanical and electrical construction work on its grinding plant at Basra. The unit is now ready for commissioning. The company is currently obtaining permission to import clinker. Once granted the company will start importing clinker and commence trial production at the plant. The producer first announced its intention to build the plant in 2013.

Pakistan: A new production line at Attock Cement’s Hub plant in Balochistan has started operation. The line has a cement production capacity of 1.2Mt/yr and it increases the company’s total production capacity to 3Mt/yr. The line was first announced in 2015 at a cost of US$120m. Loesche provided a cement mill for the project in 2017 under contract from the Hefei Cement Research & Design Institute.

Pakistan: The Competition Commission of Pakistan (CCP) has fined four cement producers for deceptive marketing practices in violation of the Competition Act 2010. Fines of US$1.8m each have been levied on Al-Abbas Cement, Attock Cement, Bestway Cement and Lucky Cement.

A CCP official said that the commission is mandated under the Competition Act 2010 to ensure fair competition in all spheres of commercial and economic activities. The Competition Commission of Pakistan is committed to maintain transparency for enhancing economic efficiency and to protect consumers from anticompetitive practices, including deceptive marketing.

Pakistan: K-Electric has signed an accord with Attock Cement to provide it with an additional 16MW of electricity. The agreement uses a one-window operation to server the additional power. The signing ceremony was attended by K-Electric's Chief Operating Officer Distribution, Asif Saad, and Chief of HSEQ & Special Projects Aamir Zafar along, with, other key members. Irfan Amanullah, Company Secretary for Attock Cement, along with his team members was also present on the occasion.

Pakistan: Attock Cement has released its results for the 2015 Pakistani fiscal year, which ended on 30 June 2015. The company earned a net profit of US$21.7m, a 9.5% increase on the US$19.6m that it made in the year to 30 June 2014. Its revenue rose by 4.3%, from US$122.7m to US$127.6m.

The results were released at the same time as an announcement of the company's expansion plans. In a notice sent to the Karachi Stock Exchange, Attock Cement announced the expansion of its production capacity by installing a US$120m cement kiln line at its existing facility in Hub, Balochistan.

Attock Cement is the third cement manufacturer to announce an expansion after DG Khan Cement and Cherat. There is anticipation that the government will shortly ramp up infrastructure developments, leading to anticipation that there will be higher demand for cement in the coming years.