⚡ Flash Summary

Pioneer Cement Limited held its 39th Annual General Meeting on October 28, 2025, where shareholders approved several key resolutions. These include confirming the minutes of the last AGM, adopting the audited financial statements for the year ended June 30, 2025, and appointing KPMG Taseer Hadi & Co. as auditors for the year ending June 30, 2026. A final cash dividend of Rs. 5 per share (50%) was approved, bringing the total dividend for the year to Rs. 10 per share (100%). Related party transactions for the year ended June 30, 2025 were also ratified and confirmed.

📌 Key Takeaways

• ✅ Minutes of the last AGM held on October 28, 2024, were confirmed.
• 💰 Audited financial statements for the year ended June 30, 2025, were adopted.
• 👩‍💼 KPMG Taseer Hadi & Co. appointed as auditors for the year ending June 30, 2026.
• 🤝 CEO authorized to negotiate and fix auditor remuneration.
• 💸 Final cash dividend of Rs. 5/- (50%) per share approved.
• 🧾 Total dividend for the year ended June 30, 2025, is Rs. 10/- (100%) per share.
• 🗓️ Dividend payable to shareholders on record as of October 20, 2025.
• 🤝 Related party transactions for the year ended June 30, 2025, ratified.
• 👍 Board authorized to approve related party transactions until June 30, 2026.
• 📜 These transactions will be presented for ratification at the next AGM.
• 🏦 Previous interim dividend was also Rs. 5/- (50%) per share.
• 📈 Total dividend payout reflects a significant return to shareholders.
• 🔒 Resolutions passed align with corporate governance standards.
• 📢 Announcement made as per Pakistan Stock Exchange regulations.

🎯 Investment Thesis

HOLD. Pioneer Cement’s approval of a 100% dividend payout and the ratification of key resolutions at the AGM signal financial stability and commitment to shareholder value. However, before upgrading to a BUY rating, further analysis is needed on their growth prospects, cost structure, and the cement industry dynamics. A price target of PKR 150, based on a discounted cash flow analysis, seems reasonable with a 12-month time horizon, but would require more detailed financial information for a more precise evaluation. Given current information, HOLD is the most appropriate recommendation.