Attock Cement Pakistan Ltd. Reports Significant Earnings Growth in FY24

Karachi: Attock Cement Pakistan Ltd. (ACPL) has reported a substantial increase in its financial performance for the fiscal year 2024, driven by a combination of higher offtakes and strategic divestment activities. The company’s topline increased to PkR28.5 billion from PkR25.4 billion in the previous year, marking a 12% growth year-over-year. Additionally, earnings surged to PkR3.6 billion, compared to PkR1.5 billion in FY23, primarily due to divestment gains from the sale of its subsidiary in Iraq for US$23.4 million.

According to JS Global, ACPL’s earnings for the first quarter of FY25 were significantly lower at PkR62 million, a 96% decline from the same period last year, as the previous year’s figures included the divestment gain. The industry saw a modest 1% increase in total dispatches, while ACPL’s local dispatches fell by 9% and export dispatches rose by 57%, leading to an overall 14% increase in total dispatches.

The company’s production costs rose to PkR10.0k per ton in FY24, up from PkR9.6k, influenced by a 39% increase in power tariffs despite a reduction in fuel costs. ACPL’s power mix is comprised of coal-fired boilers, waste heat recovery, solar, and grid tariff sources. The company is also planning to commission a 4.8MW wind power plant by the third quarter of FY25 as part of its future strategy to meet anticipated improvements in local cement demand and to secure orders with positive contribution margins.

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