Displaying items by tag: Pakistan

Pakistan: Fauji Cement has recorded first-quarter sales of US$67.2m in its 2023 financial year, up by 27% year-on-year from US$52.9m during the first quarter of the previous financial year. The producer's cost of sales was US$47.9m, up by 29% from US$37.3m, and it recorded a profit for the period of US$10.6m, up by 10% from US$9.62m.

Fauji Cement is currently undergoing a transition into the third largest cement producer in Pakistan, through a US$122m 2.05Mt/yr expansion to its Nizampur, Khyber Pakhtunkhwa, cement plant and a US$148m 2.05Mt/yr expansion to its Dera Ghazi Khan cement plant. Together, Fauji Cement will fund the projects through US$171m-worth of debt, US$54.9m-worth of internal cash generation and US$45.7m-worth of equity.

Pakistan: Bestway Cement has ignited the 7200t/day kiln at its new Mianwali integrated cement plant in Punjab Province. The plant has 20MW of dedicated solar power capacity and 9MW of waste heat recovery (WHR) power capacity.

Pakistan: Askari Cement has ignited the newly installed 6500t/day kiln at its Nizampur cement plant in Khyber Pakhtunkhwa province. The kiln increases the plant's capacity by 73% to 4.85Mt/yr. The project, along with parent company Fauji Cement's construction of a new 2.05Mt/yr integrated cement plant in Dera Ghazi Khan, cost US$339m. Fauji Cement took a US$212m loan to support the works in January 2022. The group expects both projects to raise its capacity by 56% to 10.5Mt/yr and to increase its market share to 13%.

Fauji Cement's upcoming Dera Ghazi Khan cement plant is scheduled for commissioning in mid-late 2024.

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%.

Pakistan: Bestway Cement recorded a net turnover of US$84.1m in the first quarter of its 2023 financial year, up by 21% year-on-year from US$69.4m in the first quarter of the 2022 financial year. The producer's cost of sales also rose, by 13% year-on-year to US$55m from US$48.6m. Despite this challenge, it increased its profit for the period by 11% to US$15m from US$13.5m in the first quarter of the 2022 financial year.

Pakistan: Lucky Cement bought back more of its own shares on 17 October 2022. The total value of the purchase was US$408,000.

Lucky Cement previously bought back US$212,000-worth of shares earlier in October 2022, under the same resolution of it board from 20 September 2022.

Pakistan: Lucky Cement has informed the Pakistan Stock Exchange of its purchase of US$212,000-worth of its shares. The producer's board of directors passed a resolution for the buyback on 20 September 2022.

Pakistan: Pakistani cement companies sold 9.61Mt of cement during the first quarter of the 2022 financial year, down by 25% year-on-year from 12.8Mt in the first quarter of the 2021 financial year. Exports declined by 34% to 1.01Mt of cement, from 1.55Mt. The All Pakistan Cement Manufacturers Association (APCMA) said that current economic conditions impacted both domestic and export sales.

Separately, the APCMA has expressed its concern over State Bank of Pakistan limits on the use of letters of credit by companies for the purchase of spare parts and other machinery. The association says that present restrictive conditions will create operational difficulties for the industry.

Pakistan: Fecto Cement recorded sales of US$30.4m during the 2022 financial year, up by 37% year-on-year from US$22.3m during the 2021 financial year. Throughout the year, the producer's cement volumes fell by 1.9% to 713,000t from 729,000t, while its exports fell by 51% to 26,600t from 54,700t. Its cost of sales increased by 32% year-on-year to US$26.5m from US$20.1m, but this failed to offset sales growth, resulting in a US$1.29m profit for the company, compared to a US$309,000 loss in the 2021 financial year.

Pakistan: 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.