Attock Cement Pakistan Limited (ACPL) reported earnings per share of PKR 24.86 for FY26 (FY25: PKR 12.60). Furthermore, in 4QFY26, the company reported earnings per share of PKR 6.95 (4QFY25: 3.07). Revenue grew by 33% YoY to Rs 44.0 billion, driven by higher export volumes and improved price retention. Total dispatches reached 3.5 million tons (+27% YoY), supported by a 41% YoY increase in export dispatches (2.2 million tons).
Fuel cost reduced by 7% due to decline in international coal prices. Power cost remained largely flat due to company’s own captive power generation from varied sources. Whereby CFB contribution was reduced to 29% from 37%. WHR, Solar and Wind Mill accounted for 29%, 14% and 4% respectively. Grid input remained 24% vs 10% in SPLY. Imported coal cost currently averages USD 105/ton (approx. Rs 45,000/ton landed cost). Local coal ranges between Rs 18,000 25,000/ton, and biomass/alternative fuel costs Rs 3,000–4,000/ton.
Previously using 99% imported coal, management is targeting an 80% imported / 20% local coal and alternative fuel mix to lower heat generation costs. Overall export realization averaged USD 38/ton. Cement export prices averaged USD 44–45/ton FOB whereas clinker exports realized USD 37–38/ton FOB. Clinker dominates export volumes (90%) due to lower handling risks, faster vessel turnaround times, and strong grinding station demand in destination markets.
Management prioritized paying down short-term bank borrowings, reducing short-term debt from PKR 8.9 billion to PKR 6.8 billion, which led to a temporary restriction on dividend payouts. In response to queries regarding transaction with Fauji consortium, management clarified that the Board authorized exploring preliminary evaluation options on August 11, but it remains in an exploratory phase with no finalized operational plans. Going forward, despite global geopolitical pressures pushing imported coal prices to $125–$140/ton, management expects prices to remain within a manageable range over the next six months. Management also hinted towards multiple projects in the pipeline to improve cost efficiencies through renewables.
Important Disclosures
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