Maple Leaf Cement
{{Short description|Pakistani building materials company}}
{{Infobox company
| name = Maple Leaf Cement
| logo = Maple Leaf Cement logo.jpg
| type = Public
| traded_as = {{karse|MLCF}}
KSE 100 component
KSE 30 component
| foundation = {{start date and age|1956}}
| key_people = Sayeed Tariq Saigol (CEO)
Tariq Sayeed Saigol (chairman)
| industry = Cement
| products =
| revenue = {{increase}} {{PKRConvert|62.075|b}}
| revenue_year = 2023
| operating_income = {{increase}} {{PKRConvert|13.074|b}}
| income_year = 2023
| net_income = {{increase}} {{PKRConvert|5.770|b}}
| net_income_year = 2023
| assets = {{increase}} {{PKRConvert|89.707|b}}
| assets_year = 2023
| equity = {{increase}} {{PKRConvert|44.913|b}}
| equity_year = 2023
| num_employees =
| num_employees_year =
| owner = Kohinoor Textile Mills (56.50%)
| parent = Kohinoor Textile Mills
| subsid = Maple Leaf Power Limited
Maple Leaf Industries Limited
| homepage = {{url|www.kmlg.com/mlcfl/profile}}
| footnotes = Financials {{as of|2023|6|30|lc=y}} {{cite web|title=Maple Leaf Cement Annual Report 2023|url=https://financials.psx.com.pk/lib/DownloadPDF.php?id=215321|access-date=18 May 2024|archive-date=18 May 2024|archive-url=https://web.archive.org/web/20240518140530/https://financials.psx.com.pk/lib/DownloadPDF.php?id=215321|url-status=live}}
}}
Maple Leaf Cement is a Pakistani cement manufacturer based in Lahore.{{cite news|url=https://www.thenews.com.pk/print/223686-Maple-Leaf-plans-to-raise-Rs43bln-through-rights-issue|title=Maple Leaf plans to raise Rs4.3bln through rights issue|newspaper=The News International|date=16 August 2017|access-date=2 January 2018|archive-date=3 January 2018|archive-url=https://web.archive.org/web/20180103072504/https://www.thenews.com.pk/print/223686-Maple-Leaf-plans-to-raise-Rs43bln-through-rights-issue|url-status=live}}{{cite web|url=https://tribune.com.pk/story/1505584/corporate-result-maple-leaf-cements-earnings-fall-slightly-rs4-7b/|title=Corporate result: Maple Leaf Cement's earnings fall slightly to Rs4.7b|date=13 September 2017|newspaper=The Express Tribune|accessdate=18 November 2020|archive-date=11 November 2020|archive-url=https://web.archive.org/web/20201111172840/https://tribune.com.pk/story/1505584/corporate-result-maple-leaf-cements-earnings-fall-slightly-rs4-7b|url-status=live}} It is the fifth-largest cement manufacturer in Pakistan after Lucky Cement, Bestway Cement, Fauji Cement, and DG Cement.{{Cite web|url=https://www.bloomberg.com/news/articles/2012-11-19/maple-cement-to-record-highest-profit-in-six-years-saigol-says|title=Maple Leaf Cement to Record Highest Net Profit in Six Years|date=November 20, 2012|via=www.bloomberg.com}}{{cite news|url=https://nation.com.pk/13-Jun-2017/cement-prices-up-by-rs10-20-bag|title=Cement prices up by Rs10-20/bag|newspaper=The Nation|author=Salman Abduhu|date=13 June 2017|accessdate=18 November 2020}}{{cite news|url=https://www.dawn.com/news/1309107|title=Maple Leaf places $80m plant order|date=18 January 2017|newspaper=Dawn|accessdate=18 November 2020|archive-date=23 February 2019|archive-url=https://web.archive.org/web/20190223074307/https://www.dawn.com/news/1309107|url-status=live}}
History
Maple Leaf Cement was founded in 1956 by the West Pakistan Industrial Development Corporation in a collaboration with the Government of Canada.{{Cite web|url=https://www.brecorder.com/news/40285623|title=Maple Leaf Cement Company|first=B. R.|last=Research|date=January 25, 2024|website=Brecorder|access-date=November 28, 2024|archive-date=May 9, 2024|archive-url=https://web.archive.org/web/20240509051006/https://www.brecorder.com/news/40285623|url-status=live}}{{Cite web|url=https://www.thefreelibrary.com/Maple+Leaf+Cement+Factory+Limited.-a0185951402 |title=Maple Leaf Cement Factory Limited profile |date=April 1, 2008 |website=Economic Review }} 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.
In 1967, White Cement Industries Limited was founded at the same location which was the first white cement manufacturing plant in Pakistan. Initially, it had a capacity of 15,000 tpa which was later expanded to 30,000 tpa.
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.
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.
In January 1992, Maple Leaf Cement was acquired for Rs 486 million by Nishat Mills under the privatization scheme of the Government of Pakistan.{{Cite web|url=https://privatisation.gov.pk/Detail/NTU0ZjE1NGQtNmYzNC00NWZjLWIxZTEtYWMzMzliYzFhNzk4|title=Ministry of Privatisation - Privatisation Commission|date=March 28, 2023|access-date=November 28, 2024|archive-date=March 28, 2023|archive-url=https://web.archive.org/web/20230328081238/https://privatisation.gov.pk/Detail/NTU0ZjE1NGQtNmYzNC00NWZjLWIxZTEtYWMzMzliYzFhNzk4|url-status=bot: unknown}} Later, it was transferred to Saigol Group in a swap scheme in which Nishat Group acquired DG Cement from Saigol Group.{{Cite web |url=https://www.dawn.com/news/1055611 |title=Rebuilding on ruins of nationalisation |first=Nasir |last=Jamal |date=November 11, 2013 |website=Dawn |access-date=January 2, 2018 |archive-date=July 8, 2023 |archive-url=https://web.archive.org/web/20230708104845/https://www.dawn.com/news/1055611 |url-status=live }} 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.
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.{{Cite web|url=https://ifcpressreleasesprod-v3.citop-ouo-asev3-prod.appserviceenvironment.net/all/pages/PressDetail.aspx?ID=18916|title=IFC APPROVES US$45.2 MILLION FOR CEMENT FACTORY IN PAKISTAN|website=IFC}} The project had a total cost of US$160.8 million. 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. 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. The remaining financing was raised by listing the company on the Karachi Stock Exchange on August 17, 1994.{{Cite web|url=https://www.cemnet.com/News/story/145016/maple-leaf-review.html|title=Maple Leaf review|date=February 28, 2005|website=International Cement Review|access-date=November 28, 2024|archive-date=May 9, 2024|archive-url=https://web.archive.org/web/20240509055429/https://www.cemnet.com/News/story/145016/maple-leaf-review.html|url-status=live}} The financing was used to acquire a new cement plant from FLSmidth.{{Cite web|url=https://www.meed.com/pakistan-ifc-promotes-hedging-deals/|title=MEED | PAKISTAN: IFC promotes hedging deals|access-date=2024-11-28|archive-date=2024-05-09|archive-url=https://web.archive.org/web/20240509062954/https://www.meed.com/pakistan-ifc-promotes-hedging-deals/|url-status=live}} The plant became operational in April 1998.
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. The project was completed, and commercial production commenced on April 1, 2006. Following the conversion, white cement production capacity increased from 30,000 tpa to 180,000 tpa. The total cost of the project was PKR 3,280 million.{{Cite web|url=http://www.brecorder.com/news/3133937|title=Cement: MAPLE LEAF CEMENT FACTORY LIMITED - Year Ended 30-06-2004|date=February 28, 2005|website=Brecorder|access-date=November 28, 2024|archive-date=May 9, 2024|archive-url=https://web.archive.org/web/20240509055805/https://www.brecorder.com/news/3133937|url-status=live}}
In November 2022, Maple Leaf Cement commissioned a new grey clinker production line at its brownfield site in Iskanderabad, Punjab, Pakistan.{{Cite web|url=https://www.cemnet.com/News/story/173774/maple-leaf-cement-begins-line-4-production.html|title=Maple Leaf Cement begins Line 4 production|date=November 9, 2022|website=International Cement Review|access-date=November 28, 2024|archive-date=May 9, 2024|archive-url=https://web.archive.org/web/20240509054435/https://www.cemnet.com/News/story/173774/maple-leaf-cement-begins-line-4-production.html|url-status=live}} The production line was supplied by Chengdu Design & Research Institute of China and increased the site's production capacity by 7000 tons per day. The total cost of the project was PKR 20 billion (approximately US$90.2 million at the time). 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.{{Cite web|url=https://www.bloomberg.com/news/articles/2021-02-23/maple-leaf-cement-mulls-expansion-as-pakistan-demand-revives|title=Construction Giant Mulls Expansion After Imran Khan's Tax Perk for Pakistan Housing|first=Faseeh|last=Mangi|date=February 23, 2021|website=Bloomberg|access-date=2024-11-28|archive-date=2021-03-01|archive-url=https://web.archive.org/web/20210301184309/https://www.bloomberg.com/news/articles/2021-02-23/maple-leaf-cement-mulls-expansion-as-pakistan-demand-revives|url-status=live}}
References
{{reflist}}
{{Saigol Group}}
{{KSE 30}}
{{KSE 100}}
{{DEFAULTSORT:Maple Leaf Cement}}
Category:Manufacturing companies established in 1956
Category:1994 initial public offerings
Category:Canada–Pakistan relations
Category:Cement companies of Pakistan
Category:Companies based in Lahore
Category:Companies listed on the Pakistan Stock Exchange
Category:Companies in the KSE 100 Index