Cement sector profits rise 7pc on quarterly basis

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The profits of the listed cement companies declined 7 percent on a year-on-year basis while the same were 7 percent up on a quarterly basis to reach Rs17.7 billion during the third quarter of fiscal year 2022.

According to Topline Securities, the sector’s profitability, excluding Lucky Cement (LUCK) , was down 13 percent on a quarter-on-quarter basis and up 2 percent on a year-on-year basis. “These set of results were slightly better than the industry expectations, largely due to lower realised coal costs owing to higher usage of discounted price of local and Afghan coal, compared with Richard bay coal, and higher than expected other income,” Mehroz Khan at Topline Securities said.—TLTP

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