Your company has achieved historical financial results during the year 2015/16. On the back of economic growth and declining interest rates, cement demand grew by 9.8% for the industry during the year.
Greater outlay of PSDP by the government for construction of infrastructure projects in the country and higher spending by the private sector on housing and commercial projects has resulted in an increase in the domestic demand by 17%. We anticipate further increase in the domestic demand in the coming days as construction activities are on the rise. Due to strong brand reputation and ideal location, your company stands to benefit from growth in cement demand both in Pakistan and Afghanistan.
You will be pleased to know that expansion project for enhancement in the production capacity of the cement plant is progressing on schedule and we are confident of commissioning the second line by December 2016. You will also be pleased to know that the project will be completed well below the estimated project costs. The expansion will allow the company to meet the additional demand for cement in the country.
Cherat remains a brand of choice for its loyal customers and is considered one of the most efficient plants in Pakistan. It is our commitment to all our stakeholders to remain on path to success through hard work and ensure sustainable growth.