Pioneer Cement Limited (PCL) is one of the constituent members of Noor Group of Companies. PCL was incorporated in the province of Punjab on February 09, 1986. Its manufacturing facilities are located at Jauharabad, District Khushab in the province of Punjab.
The company carries a large accumulated deficit although it has significantly reduced in the nine months (9M 2003-04) under review. Long term debt to equity ratio and current ratio continue to emit signals of less than strong financial health.
The directors acknowledge the co-operation extended by its lenders namely Asia Development Bank, Asia Finance & Investment Corporation, National Bank of Pakistan, Bankers Equity Limited, Industrial Development Bank of Pakistan, Saudi Pak Agricultural and Investment Co (Pvt) Ltd in negotiating the Business Revival Plan.
The company also thanked First Dawood Invest Bank Ltd for their continued Co-operation. The cumulative 3 quarters financial and operating results are encouraging and it projected that in the short term the sales and profit will be trending upward.
The optimistic projection is based on expanding demand for cement, derived from growing momentum in the housing construction.
The directors estimate that the current financial year (2003-04) is expected to close at a capacity utilisation of about 80% as compared to 66% for the last financial year.
During 9M 2003-04, the company's sales increased to Rs 927.75 million and Net Profit to Rs 165.65 million. Sales grew by 19.8% and Net Profit replaced previous 9M: 2002-03 Net Loss of Rs 127.10 million.
During the last one year the price of PCL share increased to Rs 22.90 from Rs 6.90 per share.
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Performance Statistics (Million Rupees)
Balance Sheet - As At -
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March 31 Dec 31
2004 2003
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Share Capital-Paid-up: 954.37 954.37
Accumulated (Loss): (667.74) (833.39)
Shareholders Equity: 286.63 120.98
Deferred Income: 1.68 4.23
L.T Debts: 2,476.33 2,466.44
Deferred Liabilities: 1,040.37 1,021.01
L.T Deposits: 2.52 2.15
Current Liabilities: 444.32 333.53
Tangible Fixed Assets: 3,726.87 3,648.63
L.T Loans & Other Receiveble: 3.98 3.61
L.T Deposits & Deferred Costs: 20.04 20.22
Deferred Tax-Net: 112.42 -
Current Assets: 388.54 275.88
Total Assets: 4,251.85 3,948.34
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Profit & Loss A/c For the
Nine Months Ended March 31 2004 2003
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Net Sales: 927.75 774.48
Gross Profit: 292.53 68.35
Other Income: 5.12 9.89
Operating Profit: 235.54 20.11
Financial (Charges): (174.53) (143.18)
Profit/(Loss) Before Taxation: 57.96 (123.07)
Profit/(Loss) After Taxation: 165.65 (127.10)
Earnings Per Share (Rs): 1.74 (1.33)
Share Price (Rs) on 09.07.04: 20.15 -
Price/Earning Ratio: 11.58 -
Book Value of Share (Rs): 2.99 1.27
Debt/Equity Ratio: 90:10 95:05
Current Ratio: 0.87 0.83
Gross Profit Margin (%): 31.53 8.82
Net Profit Margin (%): 17.85 (16.41)
R.O.A (%): 3.90 3.22
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COMPANY INFORMATION: Chairman: Manzoor Hayat Noon; Chief Executive: Javed Ali Khan; Director: Adnan Hayat Noon; Company Secretary: Syed Anwar Ali; Chief Financial Officer: Badruddin Fakhri; Registered Office: 1st Floor, Alfalah Building, Shahrah-e-Quaid-e-Azam, Lahore; Head Office: 7th Floor, Lakson Sq. Building No 3, Sarwar Shaheed Road, Karachi; Factory: Jauharabad District Khushab; Web Address: www.pioneercement.com.
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