Cement Industry Financial Update from Flying Cement Company Limited

Lahore: According to information available from the Pakistan Stock Exchange (PSX), Flying Cement Company Limited has navigated through multiple economic challenges in the financial year 2023-24, marked by a notable rise in gross sales despite adverse conditions. Detailed in a recent Chairman’s review, the company reported gross sales of 6.17 billion rupees for the current fiscal year, a significant increase from the 5.73 billion rupees recorded in the previous year.

The increase in sales comes amidst a backdrop of high inflation, heavy flooding, and elevated operational costs, particularly due to increased fuel and power costs. Despite these hurdles, the company managed to improve its post-tax profit, which stood at 5.15 billion rupees, up from 5.14 billion rupees the previous year.

The company is actively working on the completion of its new Line-II project, which is expected to produce 9,000 tonnes per day of clinker. This expansion is set to be operational by the third quarter of 2024-25. These developments occur in a period where the construction industry has slowed down, primarily due to an abnormal increase in Wapda tariffs.

Furthermore, the company’s management has remained focused on navigating through increasing operational costs and a tough economic environment by adhering to stringent corporate governance standards as outlined in the Companies Act, 2017 and the Listed Companies (Code of Corporate Governance) Regulations, 2019.

In his statement, Kamran Khan, Chairman of Flying Cement Company Limited, expressed gratitude to all stakeholders for their continued support during these challenging times, emphasizing the company’s resilient and agile response to the dynamic business environment.