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Maple Leaf Cement

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Maple Leaf Cement
Company typePublic
PSX: MLCF
KSE 100 component
KSE 30 component
IndustryCement
Founded1956; 68 years ago (1956)
HeadquartersLahore, Pakistan
Key people
Sayeed Tariq Saigol (CEO)
Tariq Sayeed Saigol (chairman)
RevenueIncrease Rs. 62.075 billion (US$210 million) (2023)
Increase Rs. 13.074 billion (US$45 million) (2023)
Increase Rs. 5.770 billion (US$20 million) (2023)
Total assetsIncrease Rs. 89.707 billion (US$310 million) (2023)
Total equityIncrease Rs. 44.913 billion (US$160 million) (2023)
OwnerKohinoor Textile Mills (56.50%)
ParentKohinoor Textile Mills
SubsidiariesMaple Leaf Power Limited
Maple Leaf Industries Limited
Websitewww.kmlg.com/mlcfl/profile
Footnotes / references
Financials as of 30 June 2023 [1]

Maple Leaf Cement (Urdu: میپل لیف سیمنٹ) 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

[edit]

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]

References

[edit]
  1. ^ "Maple Leaf Cement Annual Report 2023". Retrieved 18 May 2024.
  2. ^ "Maple Leaf plans to raise Rs4.3bln through rights issue". The News International. 16 August 2017.
  3. ^ "Corporate result: Maple Leaf Cement's earnings fall slightly to Rs4.7b". The Express Tribune. 13 September 2017. 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. Retrieved 18 November 2020.
  7. ^ Research, B. R. (January 25, 2024). "Maple Leaf Cement Company". Brecorder.
  8. ^ a b c d e f g h i j k l "Maple Leaf Cement Factory Limited profile". Economic Review. April 1, 2008.
  9. ^ "Ministry of Privatisation - Privatisation Commission". March 28, 2023.
  10. ^ Jamal, Nasir (November 11, 2013). "Rebuilding on ruins of nationalisation". Dawn.
  11. ^ a b c d e "IFC APPROVES US$45.2 MILLION FOR CEMENT FACTORY IN PAKISTAN". IFC.
  12. ^ "Maple Leaf review". International Cement Review. February 28, 2005.
  13. ^ "MEED | PAKISTAN: IFC promotes hedging deals".
  14. ^ "Cement: MAPLE LEAF CEMENT FACTORY LIMITED - Year Ended 30-06-2004". Brecorder. February 28, 2005.
  15. ^ a b c d "Maple Leaf Cement begins Line 4 production". International Cement Review. November 9, 2022.
  16. ^ Mangi, Faseeh (February 23, 2021). "Construction Giant Mulls Expansion After Imran Khan's Tax Perk for Pakistan Housing". Bloomberg.
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