DG Khan Cement sees profit soar 53% in 2Q
Pakistan’s DG Khan Cement had a strong second quarter*, with profits after tax up by 53% y/y to Rs.1.5 billion. Put together with earnings in the first quarter, this creates an incredible first half growth of 128% y/y, with profits after tax at Rs.2.9 billion.
Local dispatches in the first half were up 6% y/y to 1.37 million t, thanks to demand from government-supported construction projects, while prices also increased by an average of 8%. Net sales for the first half reached Rs.11.8 billion, an 11% y/y increase. The staggering growth in profitability, aside from higher domestic demand, can also be attributed to a 35% reduction in finance costs as the company entered the debt retirement phase.
This news is in line with the recent report from Lucky Cement of 42.15% increase in 1H profit and the APCMA report of domestic demand reaching an all time high in FY11/12.
*Pakistan’s financial year runs from July – June.
Edited from various sources by Katherine Guenioui.
Read the article online at: https://www.worldcement.com/asia-pacific-rim/13022013/dg_khan_cement_reports_2q_growth_870/
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