Islamabad: Bestway Cement Limited (BWCL) disclosed its financial outcomes for the fiscal year 2024, showing a significant profit rise and a boost in market share during its analyst briefing today.

According to AKD Securities Limited, BWCL's profits climbed to PkR 13.8 billion, marking a 16% increase from the previous year's PkR 11.9 billion. This growth was largely attributed to a 7% year-over-year rise in volumetric sales and an 11% increase in net retention prices. The company's local sales volumes grew by 5.3% year-over-year, outperforming the industry, which saw a 4.6% decline during the same period.

BWCL also reported a market share increase to 15.4%, up from 14.7% the previous year, and an improvement in capacity utilization from 43% to 45%. The company's current cement prices range from PkR 1,420 to 1,500 per bag, varying by region. The coal mix includes 80% local coal and the remainder as imported, mostly from Afghanistan.

The company's energy sources include 45% from the grid, 28% from Waste Heat Recovery (WHR), 25% from solar, and 2% from coal-fired boilers. Solar capacity has been increased to 105MW. Despite these advancements, management expects a challenging year ahead for local cement demand due to higher taxes and stagnant demand in Afghanistan, the company's sole export market. Prices are expected to remain steady, with management not foreseeing any increases.

BWCL's future strategies include possibly expanding solar capacity and awaiting a court decision regarding royalty payments, currently covered by bank guarantees at previous rates.