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Attock Cement has plans to invest in new Iraqi cement plant

World Cement,

According to local media reports, Attock Cement Pakistan Ltd has sent a notice to the Karachi Stock Exchange informing them of plans to invest US$25 million in a new cement grinding unit in Basra, Iraq.

At present, the cement manufacturer operates a 1.8 million t plant in Tehsil Hub, some 45 km north west of Karachi. In its latest financial statement, which covers the period July 2012 – March 2013, Attock Cement’s net profit after tax increased by 68% y/y to Rs.1.479 billion. Around 1.3 million t of clinker was produced during the period, 103% of the plant’s clinker capacity. Total cement sales volumes fell by 2% y/y to 1.3 million t, as exports dropped by 11% y/y. Overall, net sales revenue rose by 12% y/y.

The latest statistics from the All Pakistan Cement Manufacturer Association register total sales growth of 3.8% in April 2013, with volumes reaching 3.12 million t. Exports declined by 2.28% y/y while local sales increased by 5.9% y/y.

Edited from various sources by Louise Fordham.

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