Pakistan’s leading cement companies are scheduled to announce on 23 April their financial results for the 3QFY19-20 ended 30 March 2020.
Analysts anticipate mixed results, carrying some negative reflection of mitigation efforts to stop the spread of the coronavirus in the country. During this accounting period, the pandemic started to spread and the government enforced lockdown to control it in all provinces, aiming social distancing. This later triggered the closure of some cement plants and also reportedly created issues in terms of the smooth flow of dispatches.
However, earlier this week restrictions to cement firms in lockdown were lifted and the central bank has further reduced interest rates on 16 April by two per cent to bring the total interest rate at nine per cent. The top officials of the cement industry have welcomed the government and State Bank decisions, and anticipate lowering financial charges and positive impact on cement industry’s bottom line.
The Maple Leaf Cement Factory Ltd, Bestway Cement Ltd, DG Khan Cement Co Ltd, Kohat Cement Co Ltd and Lucky Cement Ltd will announce their financial results next week by video conference in line with government preventive measures and standard operating procedures.
Separately, on 21 April, Pakistan International Bulk Terminal will also announce its financial result for third quarter period ending on 30 March.