DG Cement

Particulars FY-21 FY-20 FY-19 FY-18 FY-17 FY-16 FY-15 FY-14

Volumetric Data

Clinker Production (MT) 6,255,177 6,841,964 6,380,898 4,413,413 4,314,600 3,964,998 3,507,230 3,585,103

Cement Production (MT) 5,433,349 5,510,426 5,613,650 4,857,761 4,588,900 4,426,631 3,849,672 3,988,512

Total Cement Sales (MT) 5,400,888 5,494,823 5,597,642 4,810,250 4,478,065 4,422,691 3,858,070 3,976,272

Local Sales (MT) 5,271,349 5,336,680 5,327,410 4,352,185 3,895,042 3,710,393 3,196,103 2,954,943

Export Sales (MT) 129,539 158,143 270,232 458,065 583,023 712,298 661,967 1,021,329

Clinker Sales Local (MT) - 8,000 - 26,576 - - - -

Clinker Export (MT) 1,853,867 1,684,124 707,341 - - - - -

Clinker Purchase (MT) - - - 39,997 - - - -

Financial Figures

Equity (PKR in thousands) 73,477,873 66,644,157 70,928,415 77,134,421 74,868,879 65,783,429 62,296,071 61,516,535

Balance Sheet Footing (PK in thousands) 137,894,697 129,551,534 125,941,425 121,889,017 108,371,319 83,418,265 74,391,443 73,282,069

Fair Value Reserves (PKR in thousands) 20,297,619 17,244,158 18,940,452 24,779,125 28,031,837 24,256,385 27,405,272 32,722,894

Equity without FV Reserves (PKR in thousands) 49,399,999 51,987,963 52,355,296 46,837,042 41,527,044 34,890,799 28,793,641

Fixed Assets (PKR in thousands) 83,548,622 79,980,234 76,493,984 62,447,737 39,576,830 29,958,970 29,832,625

Capitalisation (PKR in thousands) 3,863,587 7,022,815 46,233,538 1,264,268 5,730,155 925,479 3,465,403

Long Term Loan (PKR in thousands) 26,398,511 23,982,621 21,025,324 20,040,471 13,020,000 3,538,251 1,348,522 2,111,513

Short Term Loan (PKR in thousands) 18,362,050 23,495,967 20,258,570 12,209,667 8,571,228 3,451,352 1,826,072 2,551,676

Current Assets (PKR in thousands) 37,035,798 34,095,100 33,623,260 29,075,626 27,300,684 30,835,521 31,426,342 32,068,626

Current Liabilities (PKR in thousands) 40,295,520 37,624,257 34,247,052 22,553,193 14,849,803 10,056,634 6,583,476 5,940,563

Gross Sales (PKR in thousands) 62,656,976 58,033,714 57,952,383 43,407,770 40,384,740 37,045,715 32,468,621 32,344,996

Net Sales (PKR in thousands) 45,107,690 38,033,124 40,516,525 30,668,428 30,136,165 29,703,758 26,104,611 26,542,509

Cost of Sales (PKR in thousands) 37,035,798 36,447,218 35,154,086 21,928,207 18,291,600 17,035,566 16,649,411 17,284,941

GP (PKR in thousands) 8,071,892 1,585,906 5,362,439 8,740,221 11,844,565 12,668,192 9,455,200 9,257,568

Administrative Expenses (PKR in thousands) 646,762 658,874 628,517 624,725 551,221 572,780 472,326 480,468

Selling Expenses (PKR in thousands) 1,950,056 1,783,422 1,305,695 898,156 979,045 949,628 746,723 1,445,225

Other Expenses (PKR in thousands) 414,315 529,640 538,207 2,354,656 891,513 913,642 727,805 518,745

Financial Expenses (PKR in thousands) 2,920,875 4,653,286 3,304,102 519,267 382,895 130,451 281,504 608,859

Other Income (PKR in thousands) 2,526,818 2,429,575 2,427,266 3,026,661 2,118,216 2,379,053 2,320,335 1,647,126

Profit Before Tax (PKR in thousands) 4,771,405 (3,756,188) 1,990,841 7,370,078 11,158,107 12,480,744 9,547,177 7,851,397

Taxation (PKR in thousands) 1,050,132 1,597,527 381,082 1,467,530 3,182,766 3,691,072 1,922,497 1,885,899

Profit After Tax (PKR in thousands) 3,721,273 (2,158,661) 1,609,759 8,837,608 7,975,341 8,789,672 7,624,680 5,965,498

PBT without Dividend (PKR in thousands) 4,771,405 (5,810,159) 99,303 5,435,293 9,214,053 10,610,827 7,843,711 6,417,218

PAT without Dividend (PKR in thousands) 3,721,273 (4,212,632) (281,779) 6,902,823 6,031,287 6,919,755 5,921,214 4,531,319

Profitability Indicators

EBITDA (PKR in thousands) 11,273,087 4,588,198 8,795,010 10,193,594 13,602,813 14,483,061 11,709,284 10,250,258

EBITDA-Other Income (PKR in thousands) 8,746,269 2,158,623 6,367,744 7,166,933 11,484,597 12,104,008 9,388,949 8,603,132

EBIT (PKR in thousands) 897,098 5,294,943 7,889,345 11,541,002 12,611,195 9,828,681 8,460,256

Depreciation (PKR in thousands) 3,580,807 3,691,100 3,500,067 2,304,249 2,061,811 1,871,866 1,880,603 1,790,002

GP to Sales (%) 17.89 4.17 13.24 28.50 39.30 42.65 36.22 34.88

PBT to Sales (%) 10.58 (9.88) 4.91 24.03 37.03 42.02 36.57 29.58

PAT to Sales (%) 8.25 (5.68) 3.97 28.82 26.46 29.59 29.21 22.48

EBITDA to Sales (%) 24.99 12.06 21.71 33.24 45.14 48.76 44.86 38.62

ROE (wrt average equity) (%) 5.06 (3.14) 2.17 11.63 11.34 13.73 12.32 10.90

ROA (wrt to average total assets) (%) (1.69) 1.30 7.68 8.32 11.14 10.33 8.72

ROE (without fair value reserves) (%) 7.26 (4.26) 3.09 17.82 18.05 23.00 23.95 22.53

ROE(PAT/Equity) (%) 5.06 (3.24) 2.27 11.46 10.65 13.36 12.24 9.70

ROE (PBT/Equity) (%) 6.49 (5.64) 2.81 9.55 14.90 18.97 15.33 12.76

Liquidity Indicators

Operating Cashflows (PKR in thousands) 6,161,190 (343,131) (1,530,631) 8,910,698 5,877,328 11,119,972 9,954,056 8,724,257

Working Capital (PKR in thousands) (3,529,157) (623,792) 6,522,433 12,450,881 20,778,887 24,842,866 26,128,063

Current Ratio (times) 0.91 0.98 1.29 1.84 3.07 4.77 5.40

Activity Indicators

Fixed Assets Turnover 46.52 51.79 44.15 59.08 85.43 87.32 90.63

Investors Related Indicators

Ordinary Shares (No.) 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118 438,119,118

Dividend/Share (PKR) - 1.00 4.25 7.50 6.00 5.00 3.50

Stock Price/Share on year end (PKR) 85.33 56.54 114.5 213.16 190.49 142.77 87.96

EPS (4.93) 3.67 20.17 18.20 20.06 17.40 13.62

PE Ratio (17.32) 15.39 5.68 11.71 9.49 8.21 6.46

Divident Payout Ratio (%) - 27.22 21.07 41.20 29.91 28.74 25.70

Dividend Yield Ratio (wrt year end price) (%) - 1.77 3.71 3.52 3.15 3.50 3.98

Break Up Value/Share (PKR) 152.11 161.89 176.06 170.89 150.15 142.19 140.41

Capital Structure Indicators

Debt/ (Debt+Equity) (%) 37.34 41.60 36.79 29.48 22.38 9.60 4.85 7.05

Debt to Equity (%) 59.60 71.24 58.21 41.81 28.84 10.63 5.10 7.58

Equity to Total Assets (%) 53.29 51.44 56.32 63.28 69.09 78.86 83.74 83.94

Interest Coverage (wrt EBITDA) (%) 3.86 0.99 2.66 19.63 35.53 111.02 41.60 16.84

DSCR with other income 2.29 0.47 1.57 10.00 8.94 18.94 10.92 5.03

DSCR without other income 1.77 0.22 1.13 7.03 7.55 15.83 8.76 4.22

Volumetric Ratios

Clinker Production (% change wrt last year) 7.23 44.58 2.29 8.82 13.05 2.17 8.64

Cement Production (% change wrt last year) (1.84) 15.56 5.86 3.67 14.99 3.48 1.07

Volumetric Total Sales (% change wrt last year) (1.84) 16.37 7.42 1.25 14.63 2.97 0.80

Volumetric Local Sales (% change wrt last year) 0.17 22.41 11.74 4.98 16.09 8.16 2.32

Volumetric Exports Sales(% change wrt last year) -41.48 -41.01 -21.43 18.15 7.60 35.19 8.85

Clinker Production Utilisation (%) 101.81 94.11 109.79 107.33 98.63 87.24 89.18

Cement Production Utilisation (%) 78.85 115.09 108.72 104.87 91.20 94.49

Total Sales Utilisation - Volumetric (%) 101.86 78.63 113.96 106.09 104.78 91.40 94.20

Local Sales Utilisation - Volumetric (%) 75.75 74.83 103.11 92.28 87.90 75.72 70.01

Exports Sales Utilisation -Volumetric (%) 26.11 3.80 10.85 13.81 16.88 15.68 24.20

Sales Mix: Local to Total Sales wrt Qty (%) 74.37 95.17 90.48 86.98 83.89 82.84 74.31

Sales Mix: Exports to Total Sales wrt Qty (%) 25.63 4.83 9.52 13.02 16.11 17.16 25.69

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Six Years Glance

Market Share

Dealers

Rated Capacity

Exporting Countries

Volumetric Data
Clinker Production (MT)	6,255,177	6,841,964	6,380,898	4,413,413	4,314,600	3,964,998	3,507,230	3,585,103
Cement Production (MT)	5,433,349	5,510,426	5,613,650	4,857,761	4,588,900	4,426,631	3,849,672	3,988,512
Total Cement Sales (MT)	5,400,888	5,494,823	5,597,642	4,810,250	4,478,065	4,422,691	3,858,070	3,976,272
Local Sales (MT)	5,271,349	5,336,680	5,327,410	4,352,185	3,895,042	3,710,393	3,196,103	2,954,943
Export Sales (MT)	129,539	158,143	270,232	458,065	583,023	712,298	661,967	1,021,329
Clinker Sales Local (MT)	-	8,000	-	26,576	-	-	-	-
Clinker Export (MT)	1,853,867	1,684,124	707,341	-	-	-	-	-
Clinker Purchase (MT)	-	-	-	39,997	-	-	-	-

Financial Figures
Equity (PKR in thousands)	73,477,873	66,644,157	70,928,415	77,134,421	74,868,879	65,783,429	62,296,071	61,516,535
Balance Sheet Footing (PK in thousands)	137,894,697	129,551,534	125,941,425	121,889,017	108,371,319	83,418,265	74,391,443	73,282,069
Fair Value Reserves (PKR in thousands)	20,297,619	17,244,158	18,940,452	24,779,125	28,031,837	24,256,385	27,405,272	32,722,894
Equity without FV Reserves (PKR in thousands)		49,399,999	51,987,963	52,355,296	46,837,042	41,527,044	34,890,799	28,793,641
Fixed Assets (PKR in thousands)		83,548,622	79,980,234	76,493,984	62,447,737	39,576,830	29,958,970	29,832,625
Capitalisation (PKR in thousands)		3,863,587	7,022,815	46,233,538	1,264,268	5,730,155	925,479	3,465,403
Long Term Loan (PKR in thousands)	26,398,511	23,982,621	21,025,324	20,040,471	13,020,000	3,538,251	1,348,522	2,111,513
Short Term Loan (PKR in thousands)	18,362,050	23,495,967	20,258,570	12,209,667	8,571,228	3,451,352	1,826,072	2,551,676
Current Assets (PKR in thousands)	37,035,798	34,095,100	33,623,260	29,075,626	27,300,684	30,835,521	31,426,342	32,068,626
Current Liabilities (PKR in thousands)	40,295,520	37,624,257	34,247,052	22,553,193	14,849,803	10,056,634	6,583,476	5,940,563
Gross Sales (PKR in thousands)	62,656,976	58,033,714	57,952,383	43,407,770	40,384,740	37,045,715	32,468,621	32,344,996
Net Sales (PKR in thousands)	45,107,690	38,033,124	40,516,525	30,668,428	30,136,165	29,703,758	26,104,611	26,542,509
Cost of Sales (PKR in thousands)	37,035,798	36,447,218	35,154,086	21,928,207	18,291,600	17,035,566	16,649,411	17,284,941
GP (PKR in thousands)	8,071,892	1,585,906	5,362,439	8,740,221	11,844,565	12,668,192	9,455,200	9,257,568
Administrative Expenses (PKR in thousands)	646,762	658,874	628,517	624,725	551,221	572,780	472,326	480,468
Selling Expenses (PKR in thousands)	1,950,056	1,783,422	1,305,695	898,156	979,045	949,628	746,723	1,445,225
Other Expenses (PKR in thousands)	414,315	529,640	538,207	2,354,656	891,513	913,642	727,805	518,745
Financial Expenses (PKR in thousands)	2,920,875	4,653,286	3,304,102	519,267	382,895	130,451	281,504	608,859
Other Income (PKR in thousands)	2,526,818	2,429,575	2,427,266	3,026,661	2,118,216	2,379,053	2,320,335	1,647,126
Profit Before Tax (PKR in thousands)	4,771,405	(3,756,188)	1,990,841	7,370,078	11,158,107	12,480,744	9,547,177	7,851,397
Taxation (PKR in thousands)	1,050,132	1,597,527	381,082	1,467,530	3,182,766	3,691,072	1,922,497	1,885,899
Profit After Tax (PKR in thousands)	3,721,273	(2,158,661)	1,609,759	8,837,608	7,975,341	8,789,672	7,624,680	5,965,498
PBT without Dividend (PKR in thousands)	4,771,405	(5,810,159)	99,303	5,435,293	9,214,053	10,610,827	7,843,711	6,417,218
PAT without Dividend (PKR in thousands)	3,721,273	(4,212,632)	(281,779)	6,902,823	6,031,287	6,919,755	5,921,214	4,531,319
Profitability Indicators
EBITDA (PKR in thousands)	11,273,087	4,588,198	8,795,010	10,193,594	13,602,813	14,483,061	11,709,284	10,250,258
EBITDA-Other Income (PKR in thousands)	8,746,269	2,158,623	6,367,744	7,166,933	11,484,597	12,104,008	9,388,949	8,603,132
EBIT (PKR in thousands)		897,098	5,294,943	7,889,345	11,541,002	12,611,195	9,828,681	8,460,256
Depreciation (PKR in thousands)	3,580,807	3,691,100	3,500,067	2,304,249	2,061,811	1,871,866	1,880,603	1,790,002
GP to Sales (%)	17.89	4.17	13.24	28.50	39.30	42.65	36.22	34.88
PBT to Sales (%)	10.58	(9.88)	4.91	24.03	37.03	42.02	36.57	29.58
PAT to Sales (%)	8.25	(5.68)	3.97	28.82	26.46	29.59	29.21	22.48
EBITDA to Sales (%)	24.99	12.06	21.71	33.24	45.14	48.76	44.86	38.62
ROE (wrt average equity) (%)	5.06	(3.14)	2.17	11.63	11.34	13.73	12.32	10.90
ROA (wrt to average total assets) (%)		(1.69)	1.30	7.68	8.32	11.14	10.33	8.72
ROE (without fair value reserves) (%)	7.26	(4.26)	3.09	17.82	18.05	23.00	23.95	22.53
ROE(PAT/Equity) (%)	5.06	(3.24)	2.27	11.46	10.65	13.36	12.24	9.70
ROE (PBT/Equity) (%)	6.49	(5.64)	2.81	9.55	14.90	18.97	15.33	12.76
Liquidity Indicators
Operating Cashflows (PKR in thousands)	6,161,190	(343,131)	(1,530,631)	8,910,698	5,877,328	11,119,972	9,954,056	8,724,257
Working Capital (PKR in thousands)	(3,529,157)	(623,792)	6,522,433	12,450,881	20,778,887	24,842,866	26,128,063
Current Ratio (times)	0.91	0.98	1.29	1.84	3.07	4.77	5.40
Activity Indicators
Fixed Assets Turnover	46.52	51.79	44.15	59.08	85.43	87.32	90.63
Investors Related Indicators
Ordinary Shares (No.)	438,119,118	438,119,118	438,119,118	438,119,118	438,119,118	438,119,118	438,119,118
Dividend/Share (PKR)	-	1.00	4.25	7.50	6.00	5.00	3.50
Stock Price/Share on year end (PKR)	85.33	56.54	114.5	213.16	190.49	142.77	87.96
EPS	(4.93)	3.67	20.17	18.20	20.06	17.40	13.62
PE Ratio	(17.32)	15.39	5.68	11.71	9.49	8.21	6.46
Divident Payout Ratio (%)	-	27.22	21.07	41.20	29.91	28.74	25.70
Dividend Yield Ratio (wrt year end price) (%)	-	1.77	3.71	3.52	3.15	3.50	3.98
Break Up Value/Share (PKR)	152.11	161.89	176.06	170.89	150.15	142.19	140.41
Capital Structure Indicators
Debt/ (Debt+Equity) (%)	37.34	41.60	36.79	29.48	22.38	9.60	4.85	7.05
Debt to Equity (%)	59.60	71.24	58.21	41.81	28.84	10.63	5.10	7.58
Equity to Total Assets (%)	53.29	51.44	56.32	63.28	69.09	78.86	83.74	83.94
Interest Coverage (wrt EBITDA) (%)	3.86	0.99	2.66	19.63	35.53	111.02	41.60	16.84
DSCR with other income	2.29	0.47	1.57	10.00	8.94	18.94	10.92	5.03
DSCR without other income	1.77	0.22	1.13	7.03	7.55	15.83	8.76	4.22
Volumetric Ratios
Clinker Production (% change wrt last year)		7.23	44.58	2.29	8.82	13.05	2.17	8.64
Cement Production (% change wrt last year)		(1.84)	15.56	5.86	3.67	14.99	3.48	1.07
Volumetric Total Sales (% change wrt last year)		(1.84)	16.37	7.42	1.25	14.63	2.97	0.80
Volumetric Local Sales (% change wrt last year)		0.17	22.41	11.74	4.98	16.09	8.16	2.32
Volumetric Exports Sales(% change wrt last year)		-41.48	-41.01	-21.43	18.15	7.60	35.19	8.85
Clinker Production Utilisation (%)		101.81	94.11	109.79	107.33	98.63	87.24	89.18
Cement Production Utilisation (%)		78.85	115.09	108.72	104.87	91.20	94.49
Total Sales Utilisation - Volumetric (%)		101.86	78.63	113.96	106.09	104.78	91.40	94.20
Local Sales Utilisation - Volumetric (%)		75.75	74.83	103.11	92.28	87.90	75.72	70.01
Exports Sales Utilisation -Volumetric (%)		26.11	3.80	10.85	13.81	16.88	15.68	24.20
Sales Mix: Local to Total Sales wrt Qty (%)		74.37	95.17	90.48	86.98	83.89	82.84	74.31
Sales Mix: Exports to Total Sales wrt Qty (%)		25.63	4.83	9.52	13.02	16.11	17.16	25.69