Earnings Report /
Pakistan

Pioneer Cement: 4QFY21 Review: Lower sales and margins lead to earnings miss

  • PIOC has posted a NPAT of PKR681mn (EPS: PKR3.0) for 4QFY21, lower than our estimated EPS: PKR3.42

  • Local retention prices increased by PKR19/bag to PKR358/bag in 4QFY21, in our view

  • GMs have declined to 23.1% in 4Q from 24.7% in 3QFY21. The decline is mainly attributable to higher variable costs

Intermarket Securities
28 September 2021