Pakistan Cements: Cement offtakes fall on weaker exports – By AKD Research
- Cement offtakes declined by 3%YoY to 4.14mn tons during Nov’25, driven by 27%YoY fall in exports.
- Industry-wide utilization declined to 60% (-2.0ppts YoY), compared to 62% in SPLY.
- We expect domestic cement dispatches to increase by 7.3%YoY in FY26 and 8.4% YoY in FY27, mainly driven by a revival in domestic activity, given the fall in interest rates.