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Attock Cement has plans to invest in new Iraqi cement plant

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.