Maple Leaf Cement

Last updated
Maple Leaf Cement
Company type Public
PSX:  MLCF
KSE 100 component
KSE 30 component
Industry Cement
Founded1956;68 years ago (1956)
Headquarters Lahore, Pakistan
Key people
Sayeed Tariq Saigol (CEO)
Tariq Sayeed Saigol (chairman)
RevenueIncrease2.svgRs. 62.075 billion (US$210 million) (2023)
Increase2.svgRs. 13.074 billion (US$45 million) (2023)
Increase2.svgRs. 5.770 billion (US$20 million) (2023)
Total assets Increase2.svgRs. 89.707 billion (US$310 million) (2023)
Total equity Increase2.svgRs. 44.913 billion (US$160 million) (2023)
Owner Kohinoor Textile Mills (56.50%)
Parent Kohinoor Textile Mills
Subsidiaries Maple Leaf Power Limited
Maple Leaf Industries Limited
Website www.kmlg.com/mlcfl/profile
Footnotes /references
Financials as of 30 June 2023 [1]

Maple Leaf Cement is a Pakistani cement manufacturer based in Lahore. [2] [3] It is the fifth-largest cement manufacturer in Pakistan after Lucky Cement, Bestway Cement, Fauji Cement, and DG Cement. [4] [5] [6]

History

Maple Leaf Cement was founded in 1956 by the West Pakistan Industrial Development Corporation in a collaboration with the Government of Canada. [7] [8] The initial production capacity was 120,000 tons per annum (tpa) of ordinary Portland cement, which increased by an additional 180,000 tpa in 1960. [8]

In 1967, White Cement Industries Limited was founded at the same location which was the first white cement manufacturing plant in Pakistan. [8] Initially, it had a capacity of 15,000 tpa which was later expanded to 30,000 tpa. [8]

In 1974, under the West Pakistan Industrial Development Corporation Ordinance of 1974, Maple Leaf Cement and White Cement Industries were merged into the State Cement Corporation of Pakistan, a holding company established by the Government of Pakistan to manage nationalized cement companies. [8]

In 1983, Pak Cement Company Limited was established at the same site with a clinker production capacity of 180,000 tons under a technical and economic assistance program with National Complete Plant Export Corporation of China. [8]

In January 1992, Maple Leaf Cement was acquired for Rs 486 million by Nishat Mills under the privatization scheme of the Government of Pakistan. [9] Later, it was transferred to Saigol Group in a swap scheme in which Nishat Group acquired DG Cement from Saigol Group. [10] Saigol family also acquired Pak Cement and White Cement Industries during the privatization scheme which were merged into Maple Leaf Cement Factory Limited on July 1, 1992. [8]

In April 1994, Maple Leaf Cement began a project to expand its cement production capacity of annual grey portland cement from 0.6 million tons to 1.6 million tons. [11] The project had a total cost of US$160.8 million. [11] The International Finance Corporation (IFC) contributed US$45.2 million in financing to the project, which was part of a larger US$160 million investment program. [11] The financing provided by the IFC consisted of a US$5.2 million equity investment, a US$30 million loan for IFC's own account, and an additional US$10 million loan. [11] The remaining financing was raised by listing the company on the Karachi Stock Exchange on August 17, 1994. [12] The financing was used to acquire a new cement plant from FLSmidth. [11] [13] The plant became operational in April 1998. [8]

In 2004, Maple Leaf Cement initiated a process conversion project, transitioning a wet process plant with a clinker capacity of 600 tons per day (tpd) for grey cement to a dry process plant with a clinker capacity of 500 tpd for white cement. [8] The project was completed, and commercial production commenced on April 1, 2006. [8] Following the conversion, white cement production capacity increased from 30,000 tpa to 180,000 tpa. [8] The total cost of the project was PKR 3,280 million. [8] [14]

In November 2022, Maple Leaf Cement commissioned a new grey clinker production line at its brownfield site in Iskanderabad, Punjab, Pakistan. [15] The production line was supplied by Chengdu Design & Research Institute of China and increased the site's production capacity by 7000 tons per day. [15] The total cost of the project was PKR 20 billion (approximately US$90.2 million at the time). [15] The project was financed with a debt-to-equity ratio of 70:30, with funding obtained through the Long Term Financing Facility (LTFF) and Temporary Economic Refinance Facility (TERF) offered by the State Bank of Pakistan. [15] [16]

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References

  1. ↑ "Maple Leaf Cement Annual Report 2023". Archived from the original on 18 May 2024. Retrieved 18 May 2024.
  2. ↑ "Maple Leaf plans to raise Rs4.3bln through rights issue". The News International. 16 August 2017. Archived from the original on 3 January 2018. Retrieved 2 January 2018.
  3. ↑ "Corporate result: Maple Leaf Cement's earnings fall slightly to Rs4.7b". The Express Tribune. 13 September 2017. Archived from the original on 11 November 2020. Retrieved 18 November 2020.
  4. ↑ "Maple Leaf Cement to Record Highest Net Profit in Six Years". November 20, 2012 – via www.bloomberg.com.
  5. ↑ Salman Abduhu (13 June 2017). "Cement prices up by Rs10-20/bag". The Nation. Retrieved 18 November 2020.
  6. ↑ "Maple Leaf places $80m plant order". Dawn. 18 January 2017. Archived from the original on 23 February 2019. Retrieved 18 November 2020.
  7. ↑ Research, B. R. (January 25, 2024). "Maple Leaf Cement Company". Brecorder. Archived from the original on May 9, 2024. Retrieved November 28, 2024.
  8. 1 2 3 4 5 6 7 8 9 10 11 12 "Maple Leaf Cement Factory Limited profile". Economic Review. April 1, 2008.
  9. ↑ "Ministry of Privatisation - Privatisation Commission". March 28, 2023. Archived from the original on March 28, 2023. Retrieved November 28, 2024.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
  10. ↑ Jamal, Nasir (November 11, 2013). "Rebuilding on ruins of nationalisation". Dawn. Archived from the original on July 8, 2023. Retrieved January 2, 2018.
  11. 1 2 3 4 5 "IFC APPROVES US$45.2 MILLION FOR CEMENT FACTORY IN PAKISTAN". IFC.
  12. ↑ "Maple Leaf review". International Cement Review. February 28, 2005. Archived from the original on May 9, 2024. Retrieved November 28, 2024.
  13. ↑ "MEED | PAKISTAN: IFC promotes hedging deals". Archived from the original on 2024-05-09. Retrieved 2024-11-28.
  14. ↑ "Cement: MAPLE LEAF CEMENT FACTORY LIMITED - Year Ended 30-06-2004". Brecorder. February 28, 2005. Archived from the original on May 9, 2024. Retrieved November 28, 2024.
  15. 1 2 3 4 "Maple Leaf Cement begins Line 4 production". International Cement Review. November 9, 2022. Archived from the original on May 9, 2024. Retrieved November 28, 2024.
  16. ↑ Mangi, Faseeh (February 23, 2021). "Construction Giant Mulls Expansion After Imran Khan's Tax Perk for Pakistan Housing". Bloomberg. Archived from the original on 2021-03-01. Retrieved 2024-11-28.
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