Islamabad 8 August: Pakistan’s cement industry has recorded a significant milestone, with exports reaching over 8 million tons in the first 11 months of the 2024-25 fiscal year, marking a 22% increase from the previous year, according to the Pakistan Bureau of Statistics.
This export surge, driven by a 30% rise in shipments to 8 million tons from 6.18 million tons, has bolstered the sector’s revenue, with May 2025 alone seeing a 6% year-on-year value increase to $34 million and a 45% month-on-month jump.
The growth, fueled by demand from markets like Africa and the Middle East, has offset a projected 5% drop in domestic sales, keeping total cement dispatches stable for the fiscal year.
The export boom has been supported by favorable global demand and lower coal prices, enhancing profit margins for major producers. Industry analysts anticipate a recovery in domestic consumption in FY26, bolstered by improved macroeconomic conditions and reduced interest rates.
However, the sector faces challenges from overcapacity and fluctuating local demand, with June 2025 estimates showing a 28% month-on-month and 15% year-on-year dip to 2.63 million tons due to Eid holidays.
Despite this, cement companies listed on the Pakistan Stock Exchange (PSX) are thriving, with the top 10 firms leading the charge based on market capitalization as of August 4, 2025.
Lucky Cement Limited, the country’s largest producer and a key exporter, tops the list with a market cap of approximately $500 million, buoyed by its new clinker line in Iraq’s Najmat Al-Samawah, fired up in May 2025.
Maple Leaf Cement follows at $314 million, benefiting from exports to Afghanistan and Africa, while DG Khan Cement, with a $279 million valuation, has secured a niche with 600,000 tons of low-alkali cement exported annually to the US since 2023.
Cherat Cement, valued at $207 million, recently expanded with a 6.065MW solar plant in Khyber Pakhtunkhwa and plans to acquire an 84.06% stake in Attock Cement.
Other notables include Bestway Cement ($250 million), Fauji Cement ($180 million), Attock Cement ($160 million), Kohat Cement ($150 million), Pioneer Cement ($130 million), and Flying Cement ($120 million), reflecting a robust sector outlook.
The PSX-listed cement giants are capitalizing on export growth, with companies like Lucky and Maple Leaf enhancing their international footprint. However, concerns linger over domestic policy shifts, including tightened regulations in Punjab and national calls for production date labeling, which could impact future margins. As Pakistan’s construction sector evolves, these top firms are poised to drive economic gains, though sustained export success will depend on global market stability.
