Pakistan: The boards of directors of Bestway Cement and Pakcem have reported that net turnover increased by 5.4% to US$292m for Bestway Cement in the year that ended on 30 June 2015 and by 9.4% to US$53.5m for Pakcem for the six months that ended on 30 June 2015.

In its 2015 fiscal year, Bestway Cement s revenue grew by 4.18% to US$371m, its pre-tax profit grew by 10% to US$121m and its sales volumes grew by 1.2% to 4.42Mt. In the six months that ended on 30 June 2015, Pakcem s revenue grew by 11.5% to US$68.1m, its pre-tax profit grew by 11% to US$15.7m and its sales volumes grew by 8% to 836,000t.

"We are happy to share our annual results for 2014 - 2015 for Bestway Cement and six-month period for Pakcem, with growth in sales of 4.18% for Bestway and 11.5% for Pakcem, said Zameer Choudrey, chief executive of Bestway Group. "This was a transformative year for us, with multiple major initiatives that will shape Bestway for years to come. We closed the year by becoming the largest cement manufacturer in Pakistan. Construction trends are favourable in Pakistan and I am confident that we are particularly well positioned to succeed and accelerate growth through innovation."

Domestic cement demand grew by 8% year-on-year to 28.2Mt. Exports, however, fell by 12% to 7.2Mt, mainly due to sluggish demand and competitive prices. The year 2014 - 2015 posed fierce competition for cement producers. However, Bestway Cement increased its market share in the north zone from 17% to 21.4% and became the largest cement producer in the country with 8Mt/yr of cement production capacity. Additionally, the company continued to be one of the largest cement exporters to Afghanistan and India.

During the year, Bestway Group further reduced its reliance on the national grid by taking energy-saving initiatives and launched two 6MW and 7.5MW waste heat recovery (WHR) power plants at its Hattar and Farooqia oplants. It also plans to inaugurate another 12MW plant at Pakcem Limited.

"We are confident about 2015 - 2016," said Choudrey. "The outlook for Pakistan s economy is positive, but there are still macroeconomic and geopolitical risks. We will continue to benefit from the positive development trend witnessed in infrastructure projects such as Pakistan China Economic Corridor. The considerable drop in global coal prices and lower interest rates will provide us with additional tailwind. In view of our strong positioning, our excellent product portfolio, our production sites in attractive locations and the commitment of our people, we are well-equipped to achieve our goals."