Pakistan’s overall cement sales decline 14% in March
KARACHI: Pakistan’s overall cement dispatches recorded a decline of 14% YoY during the month of March 2020, ending at 3.72mn tons compared to 4.34mn tons in the same month last year. The decline in overall cement dispatches was led by 17% YoY contraction in local dispatches, whereas exports still increased by 5% YoY, albeit at a slower pace. Looking at dispatches' data across companies, Maple Leaf Cement (MLCF, +55% YoY) continued to impress with high growth during the month, doubling its market share in local dispatches from the same month last year (11.0% vs. 5.7%). Demand is expected to recover once the COVID-19 situation improves. Undoubtedly, the construction package will play a part in boosting demand. However, when this demand materializes depends on how the Coronavirus situation unfolds.