Pioneer Cement : Transmission of Quarterly Accounts for the period ended 30092022

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	Statutory Auditors
Mr. Aly Khan (Chairman)	KPMG Taseer Hadi & Co.
Syed Mazher Iqbal (CEO)	Chartered Accountants
Ms. Aleeya Khan
Mr. Shafiuddin Ghani Khan	Legal Advisor
Mr. Mohammed Aftab Alam	Hassan & Hassan
Mirza Ali Hasan Askari
Mr. Jamal Nasim	Registered Office
Mr. Doraib A Kisat	135-Ferozepur Road, Lahore
	Tel: [phone]
Audit Committee	Fax: [phone]
Mr. Jamal Nasim (Chairman)	Email: [e-mail]
Mr. Aly Khan
Ms. Aleeya Khan	Factory
Mr. Shafiuddin Ghani Khan	Chenki, District Khushab
Mr. Mohammed Aftab Alam	Tel: [phone]
	Fax: [phone]
HR & Remuneration Committee	Email: [e-mail]
Mr. Shafiuddin Ghani Khan (Chairman)
Mr. Aly Khan	Regional Offices
Ms. Aleeya Khan	Karachi Office
Mr. Mohammed Aftab Alam	4th Floor, KDLB Building West Wharf,
Syed Mazher Iqbal (CEO)	Karachi
	Tel: [phone]
Chief Financial Officer	Fax: [phone]
Mr. Waqar Naeem	Email: [e-mail]
Chief Internal Auditor	Multan Office
Mr. Jamal-ud-Din	House No. 218, Naqshband Colony
	Khanewal Road, Multan
Company Secretary	Tel: [phone]
Mr. Abdul Wahab	Fax: [phone]
Bankers	Faisalabad Office
Allied Bank Limited	Office No. 3, 2nd Floor, Sitara Tower,
Askari Bank Limited	Bilal Chowk, New Civil Lines, Faisalabad
Bank Al Habib Limited	Tel: [phone]
BankIslami Pakistan Limited	Fax: [phone]
Dubai Islamic Bank
First Credit and Investment Bank	Share Registrar
Habib Bank Limited	Corplink (Pvt) Limited
JS Bank Limited	Wings Arcade, 1-K Commercial,
Meezan Bank Limited	Model Town, Lahore
MCB Bank Limited	Tel: [phone]
National Bank of Pakistan	Fax: [phone]
Samba Bank	Email: [e-mail]
The Bank of Khyber	[e-mail]
The Bank of Punjab
United Bank Limited

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 unaudited condensed interim financial statements for the quarter ended September 30, 2022.

Cement Industry

During the period under review, cement industry made volumetric dispatches of 9.62 million tons compared to 12.82 million tons dispatched during the same period last year (SPLY), witnessing overall decline of 24.98%. Out of total dispatches, local dispatches comprised of 8.60 million tons (SPLY: 11.27 million tons) and 1.02 million tons of export sales (SPLY: 1.55 million tons).

Business Performance
1) Production and Sales Volume			(Tons)
	Period ended September 30	Variance
	2022	2021	%
Cement production	635,177	759,898	(16.41)
Cement sales	633,549	778,372	(18.61)
2) Financial Performance
		(Rupees in thousands)
	Period ended September 30	Variance
	2022	2021	%
Net sales	8,321,543	6,197,423	34.27
Gross profit	1,909,760	1,462,517	30.58
Operating profit	1,778,797	1,343,754	32.38
Profit before taxation	874,273	739,164	18.28
Profit after taxation	585,823	480,485	21.92
Earnings per share (Rs.)	2.58	2.12	21.92

During the period under review, the Company dispatched 633,549 tons cement in local market compared to 778,372 tons dispatched in SPLY; a decline of 18.61%. Despite decline in sale volumes, topline of the Company improved by 34.27%, mainly driven by cost-push increase in sale price in the local market. Net sales per ton of cement sold during the period under review were Rs. 13,135 (SPLY: Rs. 7,962).

Cost of sales per ton of cement sold during the quarter increased to Rs. 10,120 (SPLY: Rs. 6,083). Major variance has been observed in fuel and power cost which increased to Rs. 8,063 in current period (SPLY: Rs.4,450 per ton), registering a massive increase of 81.19% , mainly attributable to rising coal prices in the international and local markets, depreciation of Pak rupee against USD and increased national grid tariff.

PIONEER CEMENT LIMITED	3