reports
- Ajay Kumar
Higher coal price along with increase in FED to curb gross margins
Despite increase in cement price in North, gross margin of cement manufacturers in region is expected to remain dull due to robust coal price during the quarter and increase in Federal Excise Duty (FED). To recall, the government increased FED for FY19 by PKR 12.5/bag which is expected to cut retention price. Moreover, the coal price during the quarter remained ~21% YoY higher along with depreciated PKR which pushed coal prices further high in PKR terms. Note that average cement price of PKR 577...
- Ajay Kumar
Domestic Cement Demand Bounces Back with a Growth of 10.43% YoY
As per the data released by the All Pakistan Cement Manufacturers Association (APCMA) the industry dispatched 3.8m tons of cement during September against 3.2m tons dispatched during the same period last year, recording a significant growth of 18.9% YoY. The growth in overall dispatches is mainly due to revival of cement demand from domestic market and strong growth in export dispatches which grew by 78% YoY during September. According to data released by APCMA, total dispatches during first thr...
- Shumaila Badar
PKR Slips to PKR 132/134 per USD in Interbank
According to the treasury department of a Commercial Bank, PKR has started depreciating once again, and is trading at around PKR 132/134 per USD as of the writing of this flash note (9:52am). This round of depreciation is not very surprising because of news that the Finance Minister will approach IMF for a bailout this week, and because IMF has already pointed out in its press release that further PKR devaluation is needed. In addition to the devaluation, IMF believes Pakistan needs to further t...
MCB MCB BANK LIMITED
BAHL BANK AL-HABIB
DGKC D.G. KHAN CEMENT CO.
MLCF MAPLE LEAF CEMENT FACTORY LTD.
OGDC OIL & GAS DEVELOPMENT CO. LTD.
UBL UNITED BANK LIMITED
ABL ALLIED BANK LTD.
FFC FAUJI FERTILIZER CO. LTD.
FCCL FAUJI CEMENT
FFBL FAUJI FERTILIZER BIN QASIM LTD.
BWCL BESTWAY CEMENT LTD.
NBP NATIONAL BANK OF PAKISTAN
9377 AGP CORP.
MARI MARI PETROLEUM
POL PAKISTAN OILFIELDS LTD.
PIOC PIONEER CEMENT LTD.
ACPL ATTOCK CEMENT PAKISTAN LTD.
PPL PAKISTAN PETROLEUM LTD.
HBL HABIB BANK LIMITED
FATIMA FATIMA FERTILIZER CO. LTD.
MUGHAL MUGHAL IRON & STEEL INDUSTRIES
LUCK LUCKY CEMENT LTD.
- Farheen Irfan
Flash Note: Pakistan Cement Sector - Newer Expansions Ready to Test Ma...
As per our discussion with the company management, Bestway Cement (BWCL) has started trial production of its Brownfield cement plant (capacity: 1.8mn tpa) in North. The commercial operations are expected to begin by June 15, 2018. We had earlier assumed the commencement of commercial operations in 1QFY19. With BWCL’s latest expansion coming online, cement capacity in North would rise by 5% to 40.6mn tpa (vs. 38.8 mn tpa). The next in line expansion is of Cherat Cement (CHCC) with a capacity o...
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