Pioneer Cement Limited (PIOC): Dwindling margin slashes FY18 profitability – By Pearl Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Pioneer Cement Limited announced its FY18 financial results wherein the company reported profit after tax of PKR1,644mn (EPS PKR7.24) versus PKR2,916mn (EPS PKR12.84) in last year, down by a mammoth 44%YoY. The earnings arrived in-line with our expectations. In addition, the company also declared a final cash dividend of PKR4.07/share alongside results.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Top-line of the company posted a decline of 5%YoY to PKR10,121mn as against PKR10,631mn in the corresponding period last year. This is primarily due to lower dispatches (down 3%YoY) coupled with depressed retention levels during FY18.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medi...