Pakistan-based Bestway Cement Ltd has reported a 11.6 per cent decline in company profit to PKR10.239bn (US$45.9m) in FY21-22 (July 2021-June 2022) from PKR11.577bn in FY20-21. Net sales in FY21-22 increased 21 per cent YoY to PKR103.1bn from PKR85.197bn in FY20-21.
The fall in profits was due to increased sales tax, excise duty, high cost of sales and income tax expenses. Selling and distribution costs rose from PKR611m in FY20-21 to PKR972m in FY21-22. Administrative expenses also increased to PKR1.58bn in FY21-22 compared to PKR607m in the same period of the previous year.
A cash dividend of 40 per cent was announced along with financial results.
Furthermore, Bestway Group has announced US$1m of financial and material support to the people of Pakistan. Bestway Group subsidiaries Bestway Cement Ltd and United Bank Ltd have set up dedicated medical camps, are distributing food parcels and providing vital banking facilities to those affected by the floods. Furthermore, the parent company has launched a fundraising campaign with a fundraising dinner on 23 September 2022 at a central London location.
Published under Cement News