CONTENTS
2 | Company |
Information | |
3 | Directors' |
Report | |
5 | |
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 | |
Changes in Equity | |
12 | Condensed Interim |
Statement of | |
Cash Flows | |
13 | Notes to the |
Condensed | |
Interim Financial | |
Statements |
PIONEER CEMENT LIMITED | 1 |
COMPANY INFORMATION
Board of Directors
Mr. Aly Khan (Chairman)
Mr. M. Habibullah Khan (CEO)
Ms. Aleeya Hasan Khan
Mr. Shafiuddin Ghani Khan
Mr. Mohammed Aftab Alam
Mirza Ali Hasan Askari
Mr. Manzoor Ahmed
Mr. Doraib A Kisat
Audit Committee
Mr. Manzoor Ahmed (Chairman)
Mr. Aly Khan
Ms. Aleeya Hasan Khan
Mr. Shafiuddin Ghani Khan
Mr. Mohammed Aftab Alam
HR & Remuneration Committee
Mr. Shafiuddin Ghani Khan (Chairman)
Mr. M. Habibullah Khan (CEO)
Mr. Aly Khan
Ms. Aleeya Hasan Khan
Mr. Mohammed Aftab Alam
Chief Financial Officer
Mr. Waqar Naeem
Chief Internal Auditor
Mr. Jan Muhammad
Company Secretary
Mr. Talha Saif
Bankers
Allied Bank Limited
Askari Bank Limited
Bank Al Habib Limited
BankIslami Pakistan
Dubai Islamic Bank
First Credit and Investment Bank
Habib Bank Limited
JS Bank Limited
Meezan Bank Limited
MCB Bank Limited
National Bank of Pakistan
Samba Bank
The Bank of Khyber
The Bank of Punjab
United Bank Limited
Statutory Auditors
KPMG Taseer Hadi & Co.
Chartered Accountants
Legal Advisor
Hassan & Hassan
Share Registrar Corplink (Pvt) Limited Wings Arcade, 1-KCommercial, Model Town, Lahore
Tel: +92 (42) 35839182, 35916714
Fax: +92 (42) 35869037
Email: corplink786@yahoo.com shares@pioneercement.com
Registered Office
64-B/1,Gulberg-III, Lahore, Pakistan. Tel: +92 (42) 37503570-72
Fax: +92 (42) 37503573-4
Email: pioneer@pioneercement.com
Factory
Chenki, District Khushab
Tel: +92 (454) 898101-3
Fax: +92 (454) 898104
Email: factory@pioneercement.com
Regional Offices
Karachi Office
F-54 Block 7, Clifton, Karachi Tel: +92 (21) 38899693
Email: pclkhi@pioneercement.com
Multan Office
House No. 218, Naqshband Colony
Khanewal Road, Multan
Tel: +92 (61) 6510404
Fax: +92 (61) 6510405
Faisalabad Office
Office No. 5, 3rd Floor, Sitara Tower, Bilal Chowk, New Civil Lines, Faisalabad Tel: +92 (41) 2630030, 2640406-7 Fax: +92 (41) 2630923
2 | PIONEER CEMENT LIMITED | |
DIRECTORS' REPORT
TO THE SHAREHOLDERS
In the name of Allah, the most Gracious, the most Merciful.
The Directors of your Company are pleased to present the condensed interim financial statements for the period ended March 31, 2024.
Cement Industry
During the period under review, the cement industry made volumetric dispatches of
- million tons compared to 33.60 million tons dispatched during the same period last year (SPLY), recording 2.69% growth. Dispatches for the period comprised of 29.40 million tons of local sales (SPLY: 30.56 million tons) and 5.10 million tons of exports (SPLY:
- million tons).
Business Performance | |||
1) Production and Sales Volume | (Tons) | ||
Period ended March 31, | Variance | ||
2024 | 2023 | % | |
Cement production | 1,819,530 | 2,109,554 | (13.75) |
Cement sales | 1,834,863 | 2,090,501 | (12.23) |
2) Financial Performance | |||
(Rupees in thousands) | |||
Period ended March 31, | Variance | ||
2024 | 2023 | % | |
Net sales | 27,374,927 | 27,796,065 | (1.52) |
Cost of sales | 18,492,334 | 20,614,269 | (10.29) |
Gross profit | 8,882,593 | 7,181,796 | 23.68 |
Operating profit | 8,169,471 | 6,611,161 | 23.57 |
Profit before taxation | 6,275,572 | 3,996,436 | 57.03 |
Profit after taxation | 3,828,099 | 2,711,230 | 41.19 |
Earnings per share (Rs.) | 16.85 | 11.94 | 41.12 |
Despite 12.23% decline in sales volumes, the Company's topline witnessed a marginal reduction primarily attributable to improvement in net sales per ton, rising to Rs. 14,919 (SPLY: Rs. 13,296).
The cost of cement sold during the period after a slight uptick stood at Rs. 10,078 per ton (SPLY: Rs. 9,862 per ton). The rise in raw material costs to Rs. 865 per ton (SPLY: Rs. 641 per ton) was due to an increase in provincial charge on account of royalty on mineral extraction. In anticipation of increase in craft paper prices, the Company has proactively improved its poly to paper mix, which has limited the rise in packing costs to Rs. 797 per ton of cement sold (SPLY: Rs. 738 per ton). Revaluation of property, plant and equipment has also increased the total depreciation charge per ton to Rs. 1,177 per ton (SPLY: Rs. 953 per ton).
During the period under review, Rs. 2,031 million early loan settlements in addition to regular repayment of financing liabilities have effectively mitigated the impact of elevated policy rates.
PIONEER CEMENT LIMITED | 3 |
Taxation encompasses charges related to alternate corporate tax, deferred tax and provisions for super tax during the period. This has led to net profit after tax of Rs.
3,828.10 million for the period (EPS: Rs. 16.85), compared to Rs. 2,711.23 million (EPS: Rs. 11.94) earned in the corresponding period.
Future Outlook
Following the recent general elections, the hopes for stability in Pakistan are increasingly fading courtesy of ongoing geopolitical conflicts which impedes efforts to stabilize prices and economy. Resultantly the management anticipates that the industry will continue to face significant challenges, such as rising raw material expenses, relentless rise in national grid tariffs, volatile foreign exchange rates, current levels of policy rate and limited government development expenditure.
However, the managment remains optimistic that by achieving operational efficiencies it will be able to pass through these testing times and will continue to add more value to its shareholders.
Acknowledgement
The Board acknowledges the role played by all stakeholders including customers, financial institutions, government departments and employees in the continued growth of the Company.
For and on behalf of the Board
M Habibullah Khan | Aly Khan |
Chief Executive Officer | Chairman |
April 26, 2024 | April 26, 2024 |
Lahore |
4 | PIONEER CEMENT LIMITED | |
PIONEER CEMENT LIMITED | 5 |
6 | PIONEER CEMENT LIMITED | |
Condensed
Interim Financial
Statements
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2024
Rupees in thousands | March 31, | June 30, | |
Note | 2024 | 2023 | |
Un-audited | Audited | ||
ASSETS | |||
Non Current Assets | 6 | 76,636,128 | 77,802,602 |
Property, plant and equipment | |||
Investment property | 701,175 | 94,926 | |
Long-term advances and deposits | 85,049 | 344,264 | |
77,422,352 | 78,241,792 | ||
Current Assets | 3,979,700 | 4,435,649 | |
Stores, spares and loose tools | 7 | ||
Stock-in-trade | 1,805,924 | 1,631,574 | |
Trade receivables | 2,118,902 | 1,825,648 | |
Loans and advances | 248,884 | 199,627 | |
Short-term prepayments | 14,366 | 6,027 | |
Other receivables | 8 | 15,472 | 9,952 |
Short-term investments | 100,000 | 461,502 | |
Cash and bank balances | 661,302 | 343,596 | |
8,944,550 | 8,913,575 | ||
TOTAL ASSETS | 86,366,902 | 87,155,367 | |
EQUITY AND LIABILITIES | |||
Share Capital And Reserves | 3,500,000 | 3,500,000 | |
Authorized share capital | |||
Issued, subscribed and paid up share capital | 2,271,489 | 2,271,489 | |
Capital reserves | 197,517 | 197,517 | |
Share premium | |||
Surplus on revaluation of property, plant and | 23,617,006 | 23,599,990 | |
equipment - net of tax | |||
Revenue reserve - unappropriated profit | 23,814,523 | 23,797,507 | |
18,239,558 | 14,452,447 | ||
44,325,570 | 40,521,443 | ||
LIABILITIES | |||
Non Current Liabilities | 9 | 5,300,297 | 8,033,010 |
Long-term financing | |||
Long-term deposits | 43,859 | 41,384 | |
Deferred liabilities | 21,173,486 | 19,681,537 | |
26,517,642 | 27,755,931 | ||
Current Liabilities | 10 | 6,618,814 | 7,019,560 |
Trade and other payables | |||
Retention money payable | 76,669 | 843,944 | |
Provision for taxation - net | 999,525 | 411,796 | |
Contract liabilities | 125,869 | 129,269 | |
Sales tax payable - net | 11 | 238,238 | 10,094 |
Accrued mark-up / profit on financing | 630,748 | 952,532 | |
Short-term borrowings | 12 | 2,553,489 | 3,961,845 |
Current portion of long-term financing | 9 | 4,033,415 | 5,488,369 |
Unclaimed dividend | 246,923 | 60,584 | |
15,523,690 | 18,877,993 | ||
Contingencies And Commitments | 13 | 42,041,332 | 46,633,924 |
- | - | ||
TOTAL EQUITY AND LIABILITIES | 86,366,902 | 87,155,367 |
The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.
Chief Financial Officer | Chief Executive Officer | Chairman |
8 | PIONEER CEMENT LIMITED | |
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2024
Rupees in thousands | Nine Months Ended | Quarter Ended | ||||
March 31, | March 31, | |||||
Note | 2024 | 2023 | 2024 | 2023 | ||
Revenue from contracts | ||||||
with customers - gross | 37,967,414 | 37,585,019 | 11,869,940 | 12,503,258 | ||
Sales tax | (6,600,509) | (6,225,895) | (2,089,513) | (2,096,093) | ||
Federal excise duty | (3,669,726) | (3,258,552) | (1,129,014) | (1,137,364) | ||
Commission | (275,961) | (239,546) | (86,600) | (87,920) | ||
Discount and rebate | (46,291) | (64,961) | (14,729) | (32,020) | ||
(10,592,487) | (9,788,954) | (3,319,856) | (3,353,397) | |||
Revenue from contracts | ||||||
with customers - net | 27,374,927 | 27,796,065 | 8,550,084 | 9,149,861 | ||
Cost of sales | 14 | (18,492,334) | (20,614,269) | (5,810,102) | (6,689,217) | |
Gross profit | 8,882,593 | 7,181,796 | 2,739,982 | 2,460,644 | ||
Distribution cost | (144,350) | (93,685) | (33,963) | (32,088) | ||
Administrative expenses | (215,947) | (118,470) | (54,005) | (38,676) | ||
Other expenses | (352,825) | (358,480) | (98,461) | (117,128) | ||
(713,122) | (570,635) | (186,429) | (187,892) | |||
Operating profit | 8,169,471 | 6,611,161 | 2,553,553 | 2,272,752 | ||
Other income | 171,387 | 37,866 | 54,286 | 20,943 | ||
Gain / (loss) on assets | 190,659 | (4) | ||||
held at fair value | (17,600) | (8,511) | ||||
Finance costs | (2,255,945) | (2,634,991) | (680,212) | (867,329) | ||
(1,893,899) | (2,614,725) | (625,930) | (854,897) | |||
Profit before taxation | 6,275,572 | 3,996,436 | 1,927,623 | 1,417,855 | ||
Taxation | (2,447,473) | (1,285,206) | (725,279) | (467,892) | ||
Profit after taxation | 3,828,099 | 2,711,230 | 1,202,344 | 949,963 | ||
Earnings per share | ||||||
- basic and diluted (Rs.) | 16.85 | 11.94 | 5.29 | 4.18 |
The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.
Chief Financial Officer | Chief Executive Officer | Chairman |
PIONEER CEMENT LIMITED | 9 |
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Pioneer Cement Ltd. published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 04:44:03 UTC.