Karachi, September 13, 2022 (PPI-OT): Cements: DGKC and PIOC FY22 Result Previews

We present 4QFY22 earnings expectations for DG Khan Cement Company Ltd. (DGKC) and Pioneer Cement Limited (PIOC), where we expect bottom-line to take a hit due to higher financial charges and the 10% one-time Super tax charge. On the core income front, we expect relatively stable margins this quarter.

We expect DGKC to post an EPS of Rs1.0 (-61% YoY), taking FY22 EPS to Rs9.2 (+9% YoY); whereas PIOC is expected to post EPS of Rs1.4 (-35% YoY) for 4QFY22 (FY22 EPS: Rs8.5, -2% YoY). We do not expect any dividend alongside the results.