Kohat Cement Co Ltd (KOHC) has informed Pakistan Stock Exchange (PSX) that the Board of Directors of the company has approved the setting up of 10MW solar power plant at its Kohat cement plant, in northern Punjab, says CEO, Nadeem Atta Sheikh.
The company’s Board of Directors has also re-appointed Aizaz Mansoor Sheikh as chairman and Nadeem Atta Sheikh as CEO for three years.
Total dispatches for July-March 2021-22 stood at 2.85Mt compared 1.75Mt in the corresponding period, made from a new grey cement plant (line-4) during the test runs.
KOHC earned a profit after tax of PKR2.53bn (US$12m) in 9MFY21-22. Officials attribute that better retention prices, improved capacity utilisation and increased volumes due to the new production lines resulted in higher profits during the nine months ended 31 March 2021. However, an increase in input costs, ie coal, electricity and packing materials, in the third quarter ended 31 March 2021, could not be fully passed on to the customers, which resulted in a reduction in gross profit margins by around two percent during the third-quarter as compared to these margins during the second-quarter ended 31 December 2020.
Capacity utilisation of the whole plant was 74 percent during the nine months of 2022.
The company has obtained all the requisite regulatory approvals for setting up the greenfield cement production Line in Khushab, Punjab. Acquisition of land is in process, and it is expected that contracts for the supply of the plant will be executed by the end of this financial year.