CONTENTS
2 | Company |
Information | |
3 | Directors' |
Report | |
6 | |
8 Condensed Interim | |
Statement of | |
Financial Position |
9 Condensed Interim Statement
of Profit or Loss
10 Condensed Interim
Statement of
Comprehensive
Income
11 Condensed Interim
Statement of
Cash Flows
12 Condensed Interim
Statement of
Changes in Equity
13 Notes to the Condensed Interim Financial Statements
PIONEER CEMENT LIMITED | 1 |
COMPANY INFORMATION
Board of Directors
Mr. Aly Khan (Chairman)
Syed Mazher Iqbal (CEO)
Ms. Aleeya Khan
Mr. Shafiuddin Ghani Khan
Mr. Mohammed Aftab Alam
Mirza Ali Hasan Askari
Mr. Jamal Nasim
Mr. Doraib A Kisat
Audit Committee
Mr. Jamal Nasim (Chairman)
Mr. Aly Khan
Ms. Aleeya Khan
Mr. Shafiuddin Ghani Khan
Mr. Mohammed Aftab Alam
HR & Remuneration Committee
Mr. Shafiuddin Ghani Khan (Chairman)
Mr. Aly Khan
Ms. Aleeya Khan
Mr. Mohammed Aftab Alam
Syed Mazher Iqbal (CEO)
Chief Financial Officer
Mr. Waqar Naeem
Chief Internal Auditor
Mr. Jamal-ud-Din
Company Secretary
Mr. Abdul Wahab
Bankers
Allied Bank Limited
Askari Bank Limited
Bank Al Habib Limited
BankIslami Pakistan Limited
Dubai Islamic Bank
First Credit and Investment Bank
Habib Bank Limited
JS Bank Limited
Meezan Bank Limited
MCB Bank Limited
National Bank of Pakistan
Samba Bank
The Bank of Khyber
The Bank of Punjab
United Bank Limited
Statutory Auditors
KPMG Taseer Hadi & Co.
Chartered Accountants
Legal Advisor
Hassan & Hassan
Registered Office
135-Ferozepur Road, Lahore
Tel: +92 (42) 37503570-72
Fax: +92 (42) 37503573-4
Email: pioneer@pioneercement.com
Factory
Chenki, District Khushab
Tel: +92 (454) 898101-3
Fax: +92 (454) 898104
Email: factory@pioneercement.com
Regional Offices
Karachi Office
4th Floor, KDLB Building West Wharf, Karachi
Tel: +92 (21) 32201232-3
Fax: +92 (21) 32201234
Email: pclkhi@pioneercement.com
Multan Office
House No. 218, Naqshband Colony
Khanewal Road, Multan
Tel: +92 (61) 6510404
Fax: +92 (61) 6510405
Faisalabad Office
Office No. 3, 2nd Floor, Sitara Tower, Bilal Chowk, New Civil Lines, Faisalabad Tel: +92 (41) 2630030, 2640406-7 Fax: +92 (41) 2630923
Share Registrar Corplink (Pvt) Limited Wings Arcade, 1-KCommercial, Model Town, Lahore
Tel: +92 (42) 35839182, 35916714
Fax: +92 (42) 35869037
Email: corplink786@yahoo.com shares@pioneercement.com
2 | PIONEER CEMENT LIMITED | |
DIRECTORS' REPORT
TO THE SHAREHOLDERS
In the name of Allah, the most Gracious, the most Merciful.
Directors of your Company are pleased to present condensed interim financial statements for the period ended March 31, 2023.
Cement Industry
During the period under review, cement industry made volumetric dispatches of 33.60 million tons compared to 40.82 million tons dispatched during the same period last year (SPLY), recording an overall decline of 17.69%. Dispatches for the period comprised of 30.56 million tons of local sales (SPLY: 36.18 million tons) and 3.04 million tons of exports (SPLY: 4.64 million tons).
Business Performance | |||
1) Production and Sales Volume | |||
(Tons) | |||
Period ended March 31, | Variance | ||
2023 | 2022 | % | |
Production | |||
Cement production | 2,109,554 | 2,549,559 | (17.26) |
Cement sales | 2,090,501 | 2,565,388 | (18.51) |
(Rs. in thousand)
Particulars | Period ended March 31, | Variance | |
2023 | 2022 | % | |
Net sales | 27,796,065 | 22,539,380 | 23.32 |
Cost of sales | 20,614,269 | 17,649,709 | 16.80 |
Gross profit | 7,181,796 | 4,889,671 | 46.88 |
Operating profit | 6,611,161 | 4,507,273 | 46.68 |
Profit before taxation | 3,996,436 | 2,545,300 | 57.01 |
Profit after taxation | 2,711,230 | 1,628,537 | 66.48 |
Earnings per share (Rs.) | 11.94 | 7.17 | 66.53 |
During the period under review, the Company dispatched 2,090,501 tons cement in local market compared to 2,565,388 tons dispatched in SPLY; a decline of 18.51%. Despite decline in sales volume, topline improved by 23.32% driven by cost-push increase in local sale price.
Cost of cement sold during the period increased to Rs. 9,861 per ton (SPLY: Rs. 6,880 per ton). Major variance has been observed in fuel and power cost which increased to Rs. 7,672 per ton in current period (SPLY: Rs. 5,049 per ton), registering an increase of 51.95% attributable to rising coal prices and increased national grid tariff. Increase in raw material cost was triggered by rise in diesel prices. Packing material cost also increased to Rs. 738 per ton of cement sold (SPLY: Rs. 633 per ton); up by 16.59%, mainly driven by devaluation of Pak Rupee.
PIONEER CEMENT LIMITED | 3 |
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Pioneer Cement Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 10:19:49 UTC.