The cement sector in Pakistan records highest sales in 24 months.
On a year-on-year basis, the total cement sales increased by 26% in October 2020. Domestic sales witnessed a surge of 15.83% compared to last year.
The cement sector recorded the highest ever monthly sales in October 2020 at 5.735 million tons.
Cement sector records highest sales in 24 months. On YoY basis, total cement sales surged by 26% in October 2020, domestic sales witnessed an increase of 16%, while exports appreciated by 12%. #Pakistan #KSE100 #construction #economy pic.twitter.com/tocXP8lK01
— Capital Stake (@CapitalStake) November 4, 2020
Moreover, cement exports also increased by 19% and was valued at US$32.86 million as compared to US$27.62 last year growth.
Overall, during the period July-October 2020, the cement exports grew by 10.8% at US$105.18 million from USD 94.97 million in the same period last year.
Abdul Razak Dawood, the Advisor to the Prime Minister for Commerce and Investment, congratulates the cement manufacturers for this performance.
I am happy to inform that Cement recorded the highest ever monthly sales in October 2020 at 5.735 million tons. The Local sales increased by 15.83% as compared to October last year. It is even more encouraging to note that in October 2020, the export of cement grew by 19% … 1/3
— Abdul Razak Dawood (@razak_dawood) November 5, 2020
According to Capital Stake, this sector also reported a massive rise in profits for the first quarter of FY21. The Profit After Tax (PAT) for this sector was recorded at over Rs.5.49 billion. Moreover, the finance cost in this sector also declined by 3%.
As cement sales increase, this indicates an increase in the number of construction activities and a substantial rise in employment in this sector.