Karachi: Amidst a challenging economic climate marked by high inflation and rising interest rates, Pakistan's overall economic growth has remained subdued, with the GDP growing by only 2.40% in the recent fiscal year. In the same period, Attock Cement Pakistan Limited has faced significant operational difficulties, including escalating costs and lower local demand.

The year 2023-24 has proven tough for many sectors, including cement, with overall industry growth recording a mere 1% increase in capacity utilization compared to last year. This is significantly lower than the 60% capacity utilization reported the preceding year. According to information available from the Pakistan Stock Exchange (PSX), this downturn reflects the broader economic challenges, such as dollar strength and energy price hikes, which have also impacted the cost structure of companies like Attock Cement.

From a financial standpoint, Attock Cement has navigated through these adversities by focusing on cost management and maintaining production efficiency, despite less favorable market conditions. The company reported a modest 3% increase in gross and operating margins, attributed to stringent operational controls and some recovery in product prices towards the end of the fiscal year.

The Board of Directors at Attock Cement has recognized the resilience of their management and staff during these challenging times. In their annual report, Chairman Shauja Malik commended the efforts to uphold corporate governance and strategic direction under tough conditions, aiming to continue delivering value to shareholders and stakeholders alike.

Acknowledging the support from federal and regulatory bodies, customers, bankers, and suppliers, the company remains committed to navigating the ongoing economic fluctuations with a clear focus on sustainable growth and operational excellence.