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Site update: January 20 2021, at 17:00 PKST
Stock update: January 20 2021.

Recent Financial News in the 'cement' category

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Wednesday, January 13 2021

Cement Q2 Preview: Earnings likely to grow up to 45% QoQ
January 12, 2020 (MLN): The cement sector is all set to report up to 45% QoQ growth in earnings to reach 10 quarters high levels during 2QFY21. Despite an increase in coal prices, the gross margins are expected to increase led by cement prices during the said period. It is worth mentioning that Pakistan cement sales during 2QFY21, touched all-time high quarterly sales of 15.1 million tons, up by 11% on both QoQ and YoY basis. During 1HFY21, sales increased by 16% YoY to 28.6 million tons. According to the cement sector preview by Topline Securities, strong double-digit growth in dispatches can be attributed to economic recovery amidst low-interest rates, construction package, reallocation of banking sector liquidity towards construction and housing sector (last 3 month advances up by Rs 43bn) and work on the construction of dams. During the outgoing quarter, coal prices surged to an average of US$60/ton (1.5months lag) compared to US$55/ton in 1QFY21. Resultantly, on average, the report expects the fuel cost per ton to increase by 10% QoQ. To pass on this price effect, northern players raised cement prices in Dec-2020 by ~Rs20/bag from Rs545-550/bag to Rs565-570/bag.
Related news categories: business cement economic-indicators misc psx stock-exchanges

Cement, steel prices to remain high
Prices of basic material - steel and cement - for the construction industry are expected to remain high across the country following the extension of incentives by the government. Pakistan’s cement sales in the second quarter of fiscal year 2020-21 touched an all-time high of 15.1 million tons, up 11% quarter-on-quarter as well as year-on-year, according to a report of Topline Securities. In the first half of FY21, cement sales rose 16% year-on-year to 28.6 million tons, it revealed. “Cement prices will register a further hike as capacity utilisation is increasing robustly,” Topline Securities’ Deputy Head of Research Shankar Talreja told The Express Tribune. “The power to influence prices is with manufacturers at present.” Industry utilisation based on total sales came in at 91%, adjusted for closed capacities, in the second quarter (Oct-Dec) of FY21. Based on just local sales, the utilisation stood at around 77% with 86% in the northern region and 48% in the southern region.
Related news categories: business cement economic-indicators misc psx stock-exchanges

Thursday, December 31 2020

Corporate Briefing: Re-enactment of anti-dumping duty at 40% to South Africa might hurt ACPL’s exports
Attock Cement Pakistan Limited recently conducted its corporate briefing in which the management discussed the latest financial performance as well as a future roadmap. During FY20, the company reported a 23.8% YoY increase in net profits to Rs 2.6 billion for the year ended on June 30th, 2020, compared to the profits of Rs 2 billion secured last year. Whereas, the earnings per share of the company exhibited a decline of 4.37% YoY from Rs 15.09 to Rs 14.43. The weak demand during COVID-19 lockdown and weak retail prices along with higher distribution expense in the backdrop of a higher share of exports kept the company’s profits in check. To recall, the company’s financial performance for the quarter ended on September 30, 2020, showed an increase in the net profits by 64% to Rs 691.7 million, as compared to Rs 421 million reaped in the corresponding period of last year.
Related news categories: business cement company-news economic-indicators misc psx stock-exchanges
Related symbols: acpl (news stock)

Wednesday, December 23 2020

Cement, steel prices continue to soar
Owing to an expected jump in demand for steel and cement around the globe following the invention of Covid-19 vaccines, the uptrend in local prices for the two commodities has accelerated, which is hampering the recovery of construction activities in Pakistan. Amreli Steels has announced a hike in the price of rebars by Rs5,000 per ton in addition to an increase of Rs5,000 per ton announced earlier during the month, said JS Global analyst Arsalan Ahmed in comments to The Express Tribune. “It appears that the decision has been taken on the back of uptick in global scrap prices by almost $60 (Rs9,600) per ton,” he said. “After the recent increase, the price of rebars of the company stands at Rs128,000 per ton.” Pakistan Association of Large Steel Producers (PALSP) Secretary General Syed Wajid Bukhari said that the price of scrap had soared from $300 per ton in early November 2020 to $450 per ton now due to shortage in the international market.
Related news categories: business cement economic-indicators misc

Prices of steel bars, cement move up
KARACHI: Manufacturers have further pushed up steel bar prices by Rs5,000 per tonne to Rs126,500-128,500. The latest increase has taken the cumulative price hike by over Rs15,000 per tonne from mid-November till to date. Builders said cement prices were also moving up and were pegged at Rs625 per 50 kg bag — up by Rs45 in the last two months. Talking to Dawn, former chairman Association of Builders and Developers (ABAD) Hassan Bakhshi said steel bar makers had informed builders through messages regarding price jump of Rs5,000 per tonne citing high volatility in international scrap market and skyrocketing prices.
Related news categories: business cement economic-indicators misc

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