Power Cement increases share capital to Rs13.9bn

MG News | June 29, 2022 at 03:48 PM GMT+05:00

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June 29, 2022 (MLN): Power Cement (PSX: POWER) has increased its authorized share capital to Rs13.9 billion from Rs13.1 billion, company’s filing on the bourse showed today.

“The Authorized Capital in article 6 of the Articles of Association be enhanced from Rs13,100,000,000 (Pakistan Rupees Thirteen Billion One Hundred Million Only) to Rs13,900,000,000 (Pakistan Rupees Thirteen Billion Nine Hundred Million Only)", the notice read.

On the financial front, during 9MFY22, the company reported its net sales revenue increased by 22% mainly due to an increase in local selling prices.

However, the export sales remained under pressure primarily due to unprecedented high freights and enhanced production costs owing to the ever-increasing coal prices.

Moreover, due to the increase in production costs and timing difference in passing the impact to the consumers, the company realized an after-tax profit of Rs6.8 million as compared to Rs260 million reported in 9MFY21.

Presently, the stock of the company stood at Rs5.35, down by Rs0.06 or 1.1% from yesterday’s price.

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