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Cement

PIOC Pioneer Cement Limited

Latest results: FY2026 · Jun 2026

Last close · 16 Oct 2026

Rs 231.69 +0.26%

Financials

Pioneer Cement Limited (PIOC) financials

20 years of annual results (FY2007 – FY2026).

Pioneer Cement Limited (PIOC) reported revenue of Rs 38.6 bn for FY2026 (Jul 2025 – Jun 2026), up 15.8% from FY2025.

Profit attributable to shareholders was Rs 6.6 bn (EPS Rs 29.03), up 35.2%, a net margin of 17.1%.

No cash dividend was declared for FY2026.

The balance sheet showed net cash of Rs 2.0 bn.

Return on equity was 13.6%.

Over the last five years revenue grew at a compound 12.1% a year.

At Rs 231.69 (close on 16 Oct 2026) the shares trade at 8.0× earnings (FY2026) and 1.06× book value.

Fundamentals

PIOC at a glance

Revenue · FY2026

Rs 38.6 bn

▲ 15.8% year on year

Profit attributable to shareholders · FY2026

Rs 6.6 bn

▲ 35.2% year on year

EPS – basic (Rs) · FY2026

Rs 29.03

▲ 35.2% year on year

Dividend per share (Rs) · FY2026

Rs 0.00

▼ 100.0% year on year

Net margin · FY2026

17.1%

+2.5 pts year on year

Debt to equity · FY2026

0.0%

-18.9 pts year on year

Financial statements

Income statement

Revenue, costs, profit and earnings per share.

Revenue · FY2026
Rs 38.6 bn
Profit attributable · FY2026
Rs 6.6 bn

Balance sheet

Assets, liabilities, debt and shareholders' equity.

Total assets · FY2026
Rs 79.4 bn
Equity · FY2026
Rs 49.5 bn

Cash flow

Cash from operations, investment, financing and free cash flow.

Operating cash flow · FY2026
Rs 8.8 bn
Free cash flow · FY2026
Rs 7.8 bn

Financial highlights

PIOC financial results

PIOC annual financial highlights (Rs bn)
Rs bn FY2026 Jul 2025 – Jun 2026 FY2025 Jul 2024 – Jun 2025 FY2024 Jul 2023 – Jun 2024 FY2023 Jul 2022 – Jun 2023 FY2022 Jul 2021 – Jun 2022
Revenue 38.6 33.3 35.5 36.2 31.9
Gross profit 11.6 10.4 11.8 9.4 7.2
Operating profit 10.4 9.2 10.9 8.9 6.7
Profit after tax 6.6 4.9 5.2 2.6 1.1
Profit attributable to shareholders 6.6 4.9 5.2 2.6 1.1
EPS – basic (Rs) Rs 29.03 21.47 22.79 11.50 4.62
Dividend per share (Rs) Rs 0.00 10.00 15.00 0.00 0.00
Total assets 79.4 86.4 85.1 87.2 71.9
Total equity 49.5 47.1 45.7 40.5 29.8
Total debt 0.0 8.9 10.5 17.5 22.2
Net cash from operating activities 8.8 8.9 9.1 5.8 5.6
Capital expenditure (1.0) (1.0) (1.6) (1.3) (1.0)
Free cash flow (operating cash flow − capex) 7.8 7.8 7.5 4.6 4.7

Figures in Pakistani rupees as reported by the company; costs and cash outflows in brackets. Free cash flow and book value per share are calculated by Smart Money; TTM = the latest four quarters. Updated 15 Oct 2026.

PIOC charts

Revenue and profit Revenue Profit attributable
Revenue and profit Rs 39 bn -Rs 210 mn Revenue FY17: Rs 10.6 bn Profit attributable FY17: Rs 2.9 bn FY17 Revenue FY18: Rs 10.1 bn Profit attributable FY18: Rs 1.6 bn FY18 Revenue FY19: Rs 9.7 bn Profit attributable FY19: Rs 790.4 mn FY19 Revenue FY20: Rs 6.3 bn Profit attributable FY20: -Rs 209.6 mn FY20 Revenue FY21: Rs 21.8 bn Profit attributable FY21: Rs 2.0 bn FY21 Revenue FY22: Rs 31.9 bn Profit attributable FY22: Rs 1.1 bn FY22 Revenue FY23: Rs 36.2 bn Profit attributable FY23: Rs 2.6 bn FY23 Revenue FY24: Rs 35.5 bn Profit attributable FY24: Rs 5.2 bn FY24 Revenue FY25: Rs 33.3 bn Profit attributable FY25: Rs 4.9 bn FY25 Revenue FY26: Rs 38.6 bn Profit attributable FY26: Rs 6.6 bn FY26
Margins Gross margin Operating margin Net margin
Margins 45% 20% -6% Gross margin FY17: 41.7% Gross margin FY18: 27.8% Gross margin FY19: 21.9% Gross margin FY20: -1.6% Gross margin FY21: 18.9% Gross margin FY22: 22.6% Gross margin FY23: 26.0% Gross margin FY24: 33.1% Gross margin FY25: 31.4% Gross margin FY26: 30.0% Operating margin FY17: 40.6% Operating margin FY18: 23.9% Operating margin FY19: 17.9% Operating margin FY20: -5.8% Operating margin FY21: 17.3% Operating margin FY22: 20.9% Operating margin FY23: 24.6% Operating margin FY24: 30.6% Operating margin FY25: 27.8% Operating margin FY26: 26.9% Net margin FY17: 27.4% Net margin FY18: 16.2% Net margin FY19: 8.1% Net margin FY20: -3.3% Net margin FY21: 9.0% Net margin FY22: 3.3% Net margin FY23: 7.2% Net margin FY24: 14.6% Net margin FY25: 14.6% Net margin FY26: 17.1% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Cash flow Operating cash flow Capex Free cash flow
Cash flow Rs 9 bn -Rs 14 bn Operating cash flow FY17: Rs 1.7 bn Capex FY17: -Rs 2.3 bn Free cash flow FY17: -Rs 552.1 mn FY17 Operating cash flow FY18: Rs 1.6 bn Capex FY18: -Rs 10.5 bn Free cash flow FY18: -Rs 9.0 bn FY18 Operating cash flow FY19: Rs 3.5 bn Capex FY19: -Rs 13.7 bn Free cash flow FY19: -Rs 10.2 bn FY19 Operating cash flow FY20: Rs 443.9 mn Capex FY20: -Rs 5.9 bn Free cash flow FY20: -Rs 5.4 bn FY20 Operating cash flow FY21: Rs 2.2 bn Capex FY21: -Rs 2.3 bn Free cash flow FY21: -Rs 170.9 mn FY21 Operating cash flow FY22: Rs 5.6 bn Capex FY22: -Rs 976.1 mn Free cash flow FY22: Rs 4.7 bn FY22 Operating cash flow FY23: Rs 5.8 bn Capex FY23: -Rs 1.3 bn Free cash flow FY23: Rs 4.6 bn FY23 Operating cash flow FY24: Rs 9.1 bn Capex FY24: -Rs 1.6 bn Free cash flow FY24: Rs 7.5 bn FY24 Operating cash flow FY25: Rs 8.9 bn Capex FY25: -Rs 1.0 bn Free cash flow FY25: Rs 7.8 bn FY25 Operating cash flow FY26: Rs 8.8 bn Capex FY26: -Rs 1.0 bn Free cash flow FY26: Rs 7.8 bn FY26