Pioneer Cement : Transmission of Quarterly Account for the period ended 31 March 2023

CONTENTS

2	Company
Information
3	Directors'
Report
6
8 Condensed Interim
	Statement of
	Financial Position

9 Condensed Interim Statement

of Profit or Loss

10 Condensed Interim

Statement of

Comprehensive

Income

11 Condensed Interim

Statement of

Cash Flows

12 Condensed Interim

Statement of

Changes in Equity

13 Notes to the Condensed Interim Financial Statements

PIONEER CEMENT LIMITED	1

COMPANY INFORMATION

Board of Directors

Mr. Aly Khan (Chairman)

Syed Mazher Iqbal (CEO)

Ms. Aleeya Khan

Mr. Shafiuddin Ghani Khan

Mr. Mohammed Aftab Alam

Mirza Ali Hasan Askari

Mr. Jamal Nasim

Mr. Doraib A Kisat

Audit Committee

Mr. Jamal Nasim (Chairman)

Mr. Aly Khan

Ms. Aleeya Khan

Mr. Shafiuddin Ghani Khan

Mr. Mohammed Aftab Alam

HR & Remuneration Committee

Mr. Shafiuddin Ghani Khan (Chairman)

Mr. Aly Khan

Ms. Aleeya Khan

Mr. Mohammed Aftab Alam

Syed Mazher Iqbal (CEO)

Chief Financial Officer

Mr. Waqar Naeem

Chief Internal Auditor

Mr. Jamal-ud-Din

Company Secretary

Mr. Abdul Wahab

Bankers

Allied Bank Limited

Askari Bank Limited

Bank Al Habib Limited

BankIslami Pakistan Limited

Dubai Islamic Bank

First Credit and Investment Bank

Habib Bank Limited

JS Bank Limited

Meezan Bank Limited

MCB Bank Limited

National Bank of Pakistan

Samba Bank

The Bank of Khyber

The Bank of Punjab

United Bank Limited

Statutory Auditors

KPMG Taseer Hadi & Co.

Chartered Accountants

Legal Advisor

Hassan & Hassan

Registered Office

135-Ferozepur Road, Lahore

Tel: [phone]

Fax: [phone]

Email: [e-mail]

Factory

Chenki, District Khushab

Tel: [phone]

Fax: [phone]

Email: [e-mail]

Regional Offices

Karachi Office

4th Floor, KDLB Building West Wharf, Karachi

Tel: [phone]

Fax: [phone]

Email: [e-mail]

Multan Office

House No. 218, Naqshband Colony

Khanewal Road, Multan

Tel: [phone]

Fax: [phone]

Faisalabad Office

Office No. 3, 2nd Floor, Sitara Tower, Bilal Chowk, New Civil Lines, Faisalabad Tel: [phone] Fax: [phone]

Share Registrar Corplink (Pvt) Limited Wings Arcade, 1-KCommercial, Model Town, Lahore

Tel: [phone]

Fax: [phone]

Email: [e-mail] [e-mail]

2		PIONEER CEMENT LIMITED

DIRECTORS' REPORT

TO THE SHAREHOLDERS

In the name of Allah, the most Gracious, the most Merciful.

Directors of your Company are pleased to present condensed interim financial statements for the period ended March 31, 2023.

Cement Industry

During the period under review, cement industry made volumetric dispatches of 33.60 million tons compared to 40.82 million tons dispatched during the same period last year (SPLY), recording an overall decline of 17.69%. Dispatches for the period comprised of 30.56 million tons of local sales (SPLY: 36.18 million tons) and 3.04 million tons of exports (SPLY: 4.64 million tons).

Business Performance
1) Production and Sales Volume
			(Tons)
	Period ended March 31,	Variance
	2023	2022	%
Production
Cement production	2,109,554	2,549,559	(17.26)
Cement sales	2,090,501	2,565,388	(18.51)

(Rs. in thousand)

Particulars	Period ended March 31,	Variance
2023	2022	%
Net sales	27,796,065	22,539,380	23.32
Cost of sales	20,614,269	17,649,709	16.80
Gross profit	7,181,796	4,889,671	46.88
Operating profit	6,611,161	4,507,273	46.68
Profit before taxation	3,996,436	2,545,300	57.01
Profit after taxation	2,711,230	1,628,537	66.48
Earnings per share (Rs.)	11.94	7.17	66.53

During the period under review, the Company dispatched 2,090,501 tons cement in local market compared to 2,565,388 tons dispatched in SPLY; a decline of 18.51%. Despite decline in sales volume, topline improved by 23.32% driven by cost-push increase in local sale price.

Cost of cement sold during the period increased to Rs. 9,861 per ton (SPLY: Rs. 6,880 per ton). Major variance has been observed in fuel and power cost which increased to Rs. 7,672 per ton in current period (SPLY: Rs. 5,049 per ton), registering an increase of 51.95% attributable to rising coal prices and increased national grid tariff. Increase in raw material cost was triggered by rise in diesel prices. Packing material cost also increased to Rs. 738 per ton of cement sold (SPLY: Rs. 633 per ton); up by 16.59%, mainly driven by devaluation of Pak Rupee.

PIONEER CEMENT LIMITED	3