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Bestway Cement releases financial results

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World Cement,

The Board of Directors at Bestway Cement Limited (BCL) have announced financial results for the half-year between July and December, 2015.

Bestway’s net turnover on a consolidated basis soared by 45.5% from Rs 14.5 billion to Rs 21.1 billion. This was largely due to acquisition of Pakcem Limited, increase in domestic demand and stable retention prices during the period. Gross margin of Rs 8.9 billion grew by more than 61.9% over the same period last year. Profit before tax for the period amounted to Rs 7.6 billion, showing an increase of 37% as compared to Rs 5.6 billion during the corresponding period ended 31 December, 2014. The Company’s consolidated profit after tax also registered a growth of 47% to reach Rs 5.7 billion in the half-year against Rs 3.9 billion from the corresponding period of FY0214-15.

On a consolidated basis, domestic sales volume increased by 47% from 2.1 million t to 3.1 million t. Overall, dispatches by the industry increased by 6.3% during the reporting period to 18.2 million t from 17.1 t, while exports saw a decline of 26% from 4.1 million t to 3.0 million t in this period. Despite fierce competition, Bestway was able to maintain its market share in the north zone and retained its position as the largest exporter of cement to Afghanistan and India.

On a consolidated basis earnings per share for Bestway Cement stood at Rs 9.81 against Rs 6.81 from the corresponding period. The Company announced an interim dividend of Rs 2.5 per share keeping in view its excellent performance. Work on BCL’s energy-saving initiative - Waste Heat Recovery Power Plant (WHRPP) at Pakcem Kallar Kahar operations with a generation capacity of 12MW progressed at full pace. The implementation of this project, which is expected to cost US$15million will not only support in alleviating the country’s power crisis, but will reduce cost of production whilst generating clean, affordable energy.

Edited from source by Joseph Green. Source: Bestway Cement

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