Bestway Group results
The Bestway Group has announced that its turnover for the 12 months ending 30 June 2014 improved by 1.2% y/y to £2.55 billion. Profit before tax also increased, rising by 44.7% to £267.1 million.
“Despite a challenging business environment both in the UK and globally during the year under review, all the group businesses continued to enhance their respective market share. In the last twelve months we have continued to demonstrate the strength of our business model and to create value for all our stakeholders,” said Zameer Choudrey, Bestway Group Chief Executive.
Bestway Cement Limited’s results
Bestway Cement Limited (BCL) has reported a turnover of £174.5 million. This is 1.9% lower than the turnover of £177.8 million recorded in the same period in 2013. The decline has been attributed to the devaluation of the rupee.
BCL’s operating profits grew by 2.4% y/y to £59.3 million and the company reduced its total debt by £48.9 million.
Total cement dispatches fell by 1.5% to approximately 4.37 million t. This is largely due to lower export sales, which dropped by 15.2% y/y to 838 080 t. However, BCL notes that although export volumes to Afghanistan decreased, the company remained the largest exporter of cement to the country. Meanwhile, domestic sales in Pakistan improved by 2.4% y/y to more than 3.53 million t.
In July 2014, the company acquired Lafarge Pakistan’s 2.4 million tpy cement plant in Chakwal for an enterprise value of US$329 million. This has increased BCL’s total cement production capacity in Pakistan to 8 million tpy.
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/asia-pacific-rim/04032015/bestway-cement-ltd-results-year-ended-june-2014-445/