Karachi: The Board of Directors at Bestway Cement Limited(BCL) announced financial results forhalf-year from July to 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 Rs8.9 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 31December, 2014. The Company’s consolidated profit after tax also registered a growth of 47% to reach Rs 5.7 billionin 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 tones to 3.1 milliontonnes. Overall, dispatches by the industry increased by 6.3% during the reporting period to 18.2 million tones from 17.1tonnes, while exports saw a decline of 26% from 4.1 million tonnes to 3.0 million tones 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 Companyannounced an interim dividend of Rs2.5 per share keeping in viewits 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 $15millionwill not onlysupport in alleviating the country’s power crisis, but will reduce cost of production whilst generating clean, affordable energy.
Bestway brands are synonymous with quality in international markets and the Company continues to explore all opportunities for expanding its presence in regional and international markets. The Company brought innovation to new heights by introducing Sulphate Resistant Cement (SRC) to its product portfolio, which is gradually being launched in domestic markets.
With a total cement capacity of over 8 million tonnes per annum, Bestway continues to be the leader and a pioneer in the cement industry focused on reducing environmental impact and contributing to the country’s power generation. Bestway Group is committed to developing and modernizing the cement industry of Pakistan and offers the widest product portfolio of cement and building materials.