Attock Cement Pakistan Ltd has informed Pakistan Stock Exchange Limited (PSX) further to the company’s intimations dated April 28, 2023, and June 21, 2023, regarding the Agreement for the sale of the entire shareholding of the company in its subsidiary’ Saqr Al Keetan for Cement Production Company Limited’ (SAKCPCL) and receipt thereon of US$ 11,700,000/- (US$ Eleven Million Seven Hundred Thousand only) as consideration against sale of 9,000,000 shares. The company is now pleased to announce that it has received a sum of US$ 5,850,000/- (US$ Five Million Eight Hundred Fifty Thousand only) as consideration against selling a further 4,500,000 shares held in its subsidiary, i.e. SAKCPCL.

Financial Review

During the first nine months of the fiscal year (July – March 2024), the company’s net sales revenue grew by PKR3.3 billion (18 per cent) over the corresponding period. Even though the overall dispatches increased by 20 per cent as compared to the same period last year, the overall net retention (both cement & clinker) reduced by PKR 179 per ton (1%) primarily due to a higher volumetric share of exports in overall sales volume which increased to around 46% as compared to 30 per cent in the same period of last year.

A brief note on the company

Commercial Production from Line-IV

According to the company’s recent nine-month report, commercial production from Line IV commenced on April 16, 2024. The new line has a total installed cement production capacity of 1.275Mta.

Wind Mill project

As part of the company’s strategy to keep checks on the rising power cost, the company is installing a windmill of 4.8 MW at its plant for captive power generation. An EPC contract was already signed, and a letter of credit was established in March 2024. The project implementation timeline is around 10 ~ 12 months.