Reported Earnings • Apr 30
Third quarter 2026 earnings released: EPS: PK₨0.003 (vs PK₨0.02 loss in 3Q 2025) Third quarter 2026 results: EPS: PK₨0.003 (up from PK₨0.02 loss in 3Q 2025). Revenue: PK₨1.99b (up 36% from 3Q 2025). Net income: PK₨886.0k (up PK₨6.51m from 3Q 2025). Profit margin: 0% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
Dandot Cement Company Limited to Report Q3, 2026 Results on Apr 28, 2026 Dandot Cement Company Limited announced that they will report Q3, 2026 results on Apr 28, 2026 Reported Earnings • Mar 04
Second quarter 2026 earnings released: PK₨0.11 loss per share (vs PK₨0.11 loss in 2Q 2025) Second quarter 2026 results: PK₨0.11 loss per share (in line with 2Q 2025). Revenue: PK₨1.48b (down 10% from 2Q 2025). Net loss: PK₨35.4m (loss widened 7.6% from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Announcement • Feb 19
Dandot Cement Company Limited to Report Q2, 2026 Results on Feb 26, 2026 Dandot Cement Company Limited announced that they will report Q2, 2026 results on Feb 26, 2026 New Risk • Dec 24
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨291m free cash flow). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Minor Risk Market cap is less than US$100m (PK₨7.33b market cap, or US$26.2m). Reported Earnings • Oct 10
Full year 2025 earnings released: PK₨0.48 loss per share (vs PK₨0.08 profit in FY 2024) Full year 2025 results: PK₨0.48 loss per share (down from PK₨0.08 profit in FY 2024). Revenue: PK₨6.34b (up 158% from FY 2024). Net loss: PK₨153.1m (down PK₨173.6m from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Oct 09
Dandot Cement Company Limited, Annual General Meeting, Oct 28, 2025 Dandot Cement Company Limited, Annual General Meeting, Oct 28, 2025. Location: at 5-zafar ali road , gulbcrg - v, lahore Pakistan New Risk • May 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.5x net interest cover). High level of non-cash earnings (22% accrual ratio). Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (PK₨3.83b market cap, or US$13.6m). New Risk • Mar 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.1% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Share price has been highly volatile over the past 3 months (9.1% average weekly change). High level of non-cash earnings (24% accrual ratio). Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (PK₨4.85b market cap, or US$17.3m). New Risk • Feb 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (PK₨5.28b market cap, or US$18.9m). New Risk • Oct 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (PK₨3.95b market cap, or US$14.2m). Announcement • Oct 10
Dandot Cement Company Limited, Annual General Meeting, Oct 28, 2024 Dandot Cement Company Limited, Annual General Meeting, Oct 28, 2024. Location: at 5-zafar ali road, gulberg-v, lahore Pakistan New Risk • Sep 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: PK₨2.77b (US$9.96m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨1.1b free cash flow). Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (PK₨2.77b market cap, or US$9.96m). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Revenue is less than US$5m (PK₨1.2b revenue, or US$4.3m). New Risk • Jun 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨1.1b free cash flow). Earnings have declined by 29% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Revenue is less than US$5m (PK₨1.2b revenue, or US$4.3m). Market cap is less than US$100m (PK₨3.55b market cap, or US$12.8m). New Risk • Nov 18
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨2.7b free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (PK₨3.44b market cap, or US$12.0m). New Risk • Nov 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-PK₨3.4b free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue is less than US$1m. Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Market cap is less than US$100m (PK₨3.39b market cap, or US$11.8m). Board Change • Sep 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Murtaza Mandviwala was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 07
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Murtaza Mandviwala was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Murtaza Mandviwala was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Shafqaat Ahmed is the most experienced director on the board, commencing their role in 2019. Independent Director Murtaza Mandviwala was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Is New 90 Day High Low • Mar 10
New 90-day low: PK₨9.40 The company is down 1.0% from its price of PK₨9.50 on 10 December 2020. The Pakistani market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 12% over the same period. Is New 90 Day High Low • Feb 02
New 90-day high: PK₨11.95 The company is up 31% from its price of PK₨9.09 on 03 November 2020. The Pakistani market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: PK₨11.15 The company is up 24% from its price of PK₨9.01 on 30 September 2020. The Pakistani market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 18% share price gain to PK₨10.17, the stock is trading at a trailing P/E ratio of 2.2x, up from the previous P/E ratio of 1.9x. This compares to an average P/E of 21x in the Basic Materials industry in Pakistan. Total return to shareholders over the past three years is a loss of 3.1%. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 18% share price gain to PK₨10.65, the stock is trading at a trailing P/E ratio of 2.3x, up from the previous P/E ratio of 2x. This compares to an average P/E of 21x in the Basic Materials industry in Pakistan. Total return to shareholders over the past three years is a loss of 8.4%. Valuation Update With 7 Day Price Move • Oct 27
Market bids up stock over the past week After last week's 45% share price gain to PK₨11.00, the stock is trading at a trailing P/E ratio of 2.4x, up from the previous P/E ratio of 1.7x. This compares to an average P/E of 18x in the Basic Materials industry in Pakistan. Total return to shareholders over the past three years is a loss of 14%. Is New 90 Day High Low • Oct 15
New 90-day low: PK₨7.60 The company is down 5.0% from its price of PK₨8.00 on 17 July 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 16% over the same period.