AKD Securities Limited - Pioneer Cement Ltd. (PIOC) PIOC_1QFY21 LPS clocks in at PkR0.17 - lower than expectation, (AKD, Off the Analysts Desk, Oct 29, 2020)

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AKD Securities Limited

Shahrukh Saleem

EUR 8.83 For Business Accounts Only

PIOC_1QFY21 LPS clocks in at PkR0.17 - lower than expectation, (AKD, Off the Analyst's Desk, Oct 29, 2020)

PIOC: 1QFY21 LPS clocks in at PkR0.17 — lower than expectation

· Pioneer Cement Ltd. (PIOC) announced results for 1QFY21 where company posted loss after tax of PkR40mn (LPS: PkR0.17) against profit after of PkR313mn (EPS: PkR1.38) for4QFY20 and loss after tax of PkR185mn (LPS: PkR0.82) for 1QFY20.

· On QoQ basis, topline witnessed a significant increase of 11.7x after company made bulk of the dispatches from trial run of its new line in 4QFY20 while on YoY basis, increase clocked in at 1.1x mainly on the back of higher dispatches after new line came online in 2HFY20.

· Company recorded 8% gross margin for the quarter against -14/2% margins witnessed in 4QFY20/1QFY20 as prices improved during the period while FED was also decreased to PkR75/bag. To note, PIOC recorded lowest margins for 1QFY21 from AKD Cement Universe.

· PIOC's distribution cost declined by 21% YoY despite increase in dispatches as increase in local cement demand has resulted in reduced need to supply to far flung areas. On the other hand, administrative expenses remained largely flat.

· Other income witnessed a massive increase of 9.2x/3.8x YoY/QoQ and stood at PkR121mn after KSE-100 performed 17.2% during 1QFY21. Excluding other income, company's loss before tax stands at PkR187mn for 1QFY21.

29/10/2020 1 EN

Underlying

Pioneer Cement Ltd.

Co. is engaged in the manufacture and sale of cement and clinker.

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PK0056201012 Pakistan Stock Exchange Pakistan

Provider

AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

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Analysts

Shahrukh Saleem

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PIOC_1QFY21 LPS clocks in at PkR0.17 - lower than expectation, (AKD, Off the Analyst's Desk, Oct 29, 2020)

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