Attock Cement Pakistan Limited (ACPL) has announced that the company has started commercial production at the newly constructed plant in Iraq.
According to information sent to Pakistan Stock Exchange (PSX), Attock Cement announced that commercial production has commenced w.e.f from September 01, 2019.
With the latest capacity enhancement, the company now contributes nearly 6 percent to the cement industry, though its market share in the south is around 25 percent or more.
Attock had made this investment by entering into a joint venture (Attock: 60%) with the Iraq-based Al Geetan Commercial Agencies to form a subsidiary, a limited liability company. The mill has a capacity of 0.9 million tons at a cost of $24 million.
Attock’s cement is popularly known by its brand name Falcon, which is supplied mainly to the southern parts of the country and abroad.
The company had announced its FY19 results in July, booking a profit of Rs. 2.07 billion, down by 53% as compared with a profit of Rs. 4.40 billion in the previous year. Its sales revenue increased by 26.02% to Rs. 20.78 billion as compared with Rs. 16.49 billion in the same period last year. The cost of sales was increased to Rs. 15.97 billion. The gross profit was stated at Rs. 4.80 billion.
ACPL’s shares were last traded at a price of Rs. 83.95 on Friday.