Attock Cement Pakistan Limited (ACPL) reported earnings per share of PKR 25.95 for FY25 (FY24: 12.60). Furthermore, in 4QFY25, the company reported earnings per share of PKR 9.81 (4QFY24: 3.07). Overall production cost saw a reduction of approximately Rs 800 per ton. Fuel cost reduced by 8% due to decline in international coal prices. Power cost decreased by 40% mainly due to enhancement in company’s own power generation capacity through the induction of 9-10 MW of CFB annexed with Line 4 and newly commissioned 4.8 MW wind power plant.
Clinker production was 2,801,955 tons (up 18%) compared to FY 2024, mainly because Line 4 became fully operational. Overall plant capacity utilization was 55% in FY25 (FY24: 54%). Management prioritized the more efficient Line 4 and Line 3 for production, keeping the less efficient Line 1 and Line 2 on standby.
ACPL’s local dispatches in FY25 decreased by 1% in FY25 to 1,223,875 MT (FY24: 1,239,154 MT), which was better than the overall reduction seen in the South Market (4.6% reduction). However, export dispatches increased by 41% in FY25. Local sales retention was approximately PKR 15,570 per ton (after subtracting sales tax and government levies). This retention was approximately 10% higher than the previous year.
During FY25, export retention was PKR 9,258/MT, 1.25% lower due to the competitive market. ACPL has significantly reduced its dependency on grid electricity. The overall power mix for FY 2025 is: CFB (Coal Fired Boiler): 37%, Waste Heat Recovery (WHRS): 34%, Solar (installed in 2024): 17%, Wind Mill (newly commissioned): 2%, K-Electric: 10%.
The proceeds from the profitable sale of the Iraq plant were utilized specifically for funding the installation of Line 4. The Iraq plant was a separate unit designed for local grinding and production (local market focus), not serving as an export platform from Pakistan. The sale was highly profitable, generating double the investment within five years. Going forward, the management expects local demand to improve by 5-7% due to the revival in construction and infrastructure activity. While, export growth is expected to remain in double digits if freight and energy costs stay moderate.
Important Disclosures
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