Corporate results: Maple Leaf’s earnings grow 45% in July-Sept

Profit rises to Rs556 million from previous year’s Rs384 million.


Our Correspondent October 28, 2013
The company announced earnings per share of Rs1.05 in the first three months (July-September) of financial year 2013-14. PHOTO: FILE

KARACHI: Maple Leaf Cement announced a respectable growth of 45% with an after-tax profit of Rs556 million or earnings per share of Rs1.05 in the first three months (July-September) of financial year 2013-14.

The company earned just Rs384 million and recorded EPS of Rs0.70 in the corresponding quarter of previous year.

In 2012-13, Maple Leaf had left behind all cement companies operating in the country by posting a record growth of 550% in year-on-year earnings to Rs3.23 billion against Rs496 million a year ago.

The company that followed Maple Leaf was Pioneer Cement, but it only notched up 155% growth in 2012-13, much behind Maple.

Interestingly, analysts say Maple Leaf is one of the least energy-efficient mid-tier cement companies in the country. Such companies mostly benefited from low international coal prices, which brought down their cost of production gradually in the last three years.

Maple Leaf’s factory is located in the resource-rich area of Daudkhel in northern Pakistan. It is the third largest cement factory in the country and one of the companies of Kohinoor Maple Leaf Group, formed as a result of division of the Saigon Group of Companies.

The company has 9% market share in ordinary Portland cement. It is also the largest producer of white cement with a capacity of 500 tons per day. In this area, it has 80% of the domestic market share.

The company was formed as a result of collaboration between West Pakistan Industrial Development Corporation and the Canadian government in 1956. However, in 1992, its ownership was taken over by the Kohinoor Group.

Published in The Express Tribune, October 29th, 2013.

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