Maple expands in midst of big year for cement 

MLCF now has more than 15% shareholding in Pioneer Cement

LAHORE: MLCF emerges as one of the largest cement producers in the country.

A major shakeup is underway in Pakistan’s cement industry after the Maple Leaf Cement Factory Limited (MLCF) acquired 9500000 voting shares of Pioneer Cement Limited (PIOC). 

Maple Leaf already held shares in Pioneer Cement and the recent acquisition of shares has increased their shareholding to 34,261,001 voting shares, representing a 15.08% aggregate shareholding.

A boom in cement 

The change in shares comes at a time when the country’s cement industry has seen growing profits despite the largely abysmal macroeconomic conditions in the country. The sector reported 14% quarter-on-quarter (QoQ) profit growth in Oct-Dec 2022 on the back of higher sales as the first quarter (Jul-Sept) was badly hit by disastrous flooding. Earnings in the second quarter were higher by 42% year-on-year (YoY) despite increase in financing charges, he said. Consequently, first-half earnings for cement companies showed an increase of 21% YoY. 

Lucky Cement, DG Khan Cement, Attock Cement, Fauji Cement, Maple Leaf Cement and Pioneer Cement registered a 23% rise in their topline in the second quarter of FY23, which took first-half sales to Rs 167.8 billion, up by 22.4%. 

Maple Cement had also seen a profitable year, reporting a profit after tax (PAT) of Rs. 4.3 billion during the first half of the financial year (FY) 2022-23. The company reported a 56 percent increase in its profit as compared to Rs. 2.75 billion in 1HFY22. During the quarter October-December FY23, profit clocked in at Rs. 2.93 billion, up 53 percent from Rs. 1.92 billion in 2QFY22.  Net sales of the company clocked at Rs. 30 billion in 1HFY23, up by 36 percent as compared to Rs. 22.1 billion in 1HFY22 supported by an over 50 percent hike in retention prices which offset the impact of an 8 percent decline in dispatches, according to Arif Habib Limited (AHL).

Maple and Pioneer 

MLCF is a leading cement manufacturing company in Pakistan known for producing high-quality cement. Established in 1986, the company is the third-largest cement manufacturer in Pakistan.  

while PIOC is also a prominent player in the industry with a reputation for an innovative approach to business.

Maple Leaf Cement owns and operates two gray cement production lines and one white cement production line. Its production plants are situated at Dadukhel District Mianwali. Its products are supplied to both local and international markets. Originally founded in 1952, the company was acquired by the Saigol group in 1992 under a privatisation scheme being offered by the government back then. 

Over the years, Maple Leaf has established a strong reputation for producing high-quality cement and has consistently been at the forefront of innovation in the industry. The company has a diverse product portfolio, ranging from Ordinary Portland Cement (OPC) to Sulphate Resistant Cement (SRC), and has a strong presence in both the domestic and international markets.

In comparison, it was established back in 1986, and since then, it has been growing and contributing to the cement industry of Pakistan.




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