Pioneer Cement Ltd (PIOC) has announced its financial results for the half year ended 31 December 2019. It reported a loss after taxation of PKR111.66m (US$0.72m) compared to profit of PKR526.96m earned in corresponding period last year. The major factors for the loss were lesser revenue, fall in export of cement followed by paying of significant amount of federal excise duty.
The company local sales slightly decreased by 2.8 per cent to PKR6.85bn from PKR7.05bn in the same period last year. The export sales also fell to PKR47m from PKR234m during this period. The company incurred a higher distribution cost and administrative expenses of PKR161m and PKR57m against PKR86m and PKR56m, respectively in the same period last year.
Meanwhile, Pioneer cement has informed Pakistan Stock Exchange (PSX) that Sajid Feroze has been appointed as the company’s CEO by the Board of Directors in place of Arif Hamid Dar with effect from 1 March 2020.