Earnings Report /
Pakistan

Pakistan Cement: 4QFY22 preview – Higher tax and interest will chop earnings

  • IMS Cement Universe cumulative profitability are expected to decline sharply by 29% QoQ to PKR10.3bn in 4QFY22.

  • Despite elevated coal prices and reduced total dispatches, sector GMs n is likely to increase by 1.1ppt to 25% in 4Q.

  • During 4QFY22, total cement sales declined by 3%/13% QoQ/YoY to 12.1mn tons, while local dispatches increased by 2% QoQ.

Rahul Hans
Intermarket Securities
4 August 2022

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