Flying Cement Limited has decided to commence its business in the field of mining minerals and natural resources as it has been granted a long-term mining project of limestone in an allotted region in Punjab.
According to the official notification issued to PSX, the company disclosed that the Directorate General of Mines & Minerals (Punjab) has granted Flying Cement an additional area of 1,765 acres of land situated near to factory site, Dhok Meharwal in District Khushab, Punjab for mining of limestone.
Pakistan is widely blessed with limestone deposits, distributed in all four provinces. In Punjab, it is found in the Potwar plateau and salt range mainly near Khewra, Dandot, Dandkhel, Rawalpindi, and D.G Khan.
The company’s management believes that the project will add remarkable value to the company’s vision in the implementation plan of achieving constant future growth.
The company would be able to implement its business growth plan by further expanding its operation in the near future which will result in better profitability and add significant value to the shareholders’ equity.
The company is working on the completion of its line 2 expansion project, after which a significant rise in profitability and financial ratios is expected to maximize shareholder return. It is estimated that the company will achieve its COD during September 2022 after which the annual cement production capacity will be 3,510,000 tons.
In July-December 2021, the company reported a profit of Rs. 464 million as compared to Rs. 89 million were reported in a similar period of 2020.
