Pioneer Cement Limited Announces Robust Annual Financial Results

Lahore: Pioneer Cement Limited disclosed its annual financial outcomes for the fiscal year ending June 30, 2024. The Board of Directors, in a meeting on September 18, 2024, in Lahore, approved the audited financial statements and proposed a final cash dividend of Rs. 10 per share, which amounts to 100%, supplementing an interim dividend of Rs. 5 per share, or 50%, already disbursed during the year.

According to information available from the Pakistan Stock Exchange (PSX), the company’s financial performance has shown substantial improvement over the previous year. The revenue from contracts with customers netted a total of PKR 35.52 billion, a slight decrease from the previous year’s PKR 36.17 billion. However, the cost of sales saw a significant reduction, falling from PKR 26.76 billion in 2023 to PKR 23.76 billion in 2024, leading to a gross profit of PKR 11.76 billion compared to PKR 9.41 billion the previous year.

The financial statement reveals that operational efficiencies were gained despite increases in distribution costs and a reduced allowance for expected credit losses. Administrative and other expenses together totaled PKR 1.01 billion, an increase from last year’s PKR 520.09 million. These costs impacted the operating profit, which stood at PKR 10.76 billion, up from PKR 8.89 billion.

The company also reported non-operational income, including a remeasurement gain on assets and other income totaling PKR 433.51 million. After accounting for finance costs of PKR 2.81 billion and taxation of PKR 3.21 billion, the net profit after tax was recorded at PKR 5.18 billion, significantly higher than the PKR 2.61 billion reported in 2023.

Earnings per share for the year doubled, from Rs. 11.50 to Rs. 22.79. The Annual General Meeting is scheduled for October 28, 2024, in Lahore, and the share transfer books will remain closed from October 21 to October 28, 2024.

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