Cement stocks on PSX: every listed cement maker compared

Cement is one of the most actively traded sectors on PSX and one of the most cyclical. When the country is building (roads, dams, housing), cement makers sell more and earn more. When interest rates rise and development budgets are cut, profits fall quickly. That makes cement shares a common way for investors to bet on the economy turning.

Below is every cement company on PSX, largest first, with the numbers you need to compare them. The table updates itself.

Every cement stock on PSX

What moves cement profits

Demand: dispatches

The industry body, the All Pakistan Cement Manufacturers Association (APCMA), publishes how much cement was sold each month, at home and abroad. Investors watch these dispatch numbers closely, and cement shares often move on the day they come out. Local demand depends on construction activity, government development spending (the PSDP) and interest rates, which set the cost of building and buying homes.

Costs: coal and power

Making cement takes a lot of heat and electricity. Coal is the biggest cost, from imports (South African coal), Afghanistan or local Thar coal. Companies that switched to cheaper local or Afghan coal, or built their own power from waste heat or solar, have kept costs down. Watch the gross margin on each company's page to see who is managing costs best.

Debt and interest rates

Most cement makers borrowed to build new production lines. When the State Bank's policy rate is high, interest eats into profit. When rates fall, indebted companies benefit the most, which is why cement shares often rally on a rate cut.

North and south

Plants in the north serve a bigger local market. Plants in the south, near Karachi's port, export more. Exports help when local demand is weak but earn thinner margins.

The companies

LUCK (Lucky Cement) is the largest by market value, but it also owns stakes in cars, chemicals and power, so its P/E reflects more than cement. BWCL (Bestway), FCCL (Fauji Cement), MLCF (Maple Leaf), DGKC (D.G. Khan Cement), KOHC (Kohat), PIOC (Pioneer) and CHCC (Cherat) are the other large names. Smaller companies trade less, so their prices can swing more on little news.

How to read the table

• P/E in cement swings with the cycle. A very low P/E at the top of a boom can be a warning that profits are about to fall.
• P/B is useful here because cement plants are real, expensive assets. A company trading well below book value is being priced for poor future returns on those plants.
• Dividend yield varies widely: some companies pay out steadily, others keep cash to repay debt or expand.

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