Cement Industry Of Pakistan Research Articles

Techno-economic analysis of a hybrid heat recovery-renewable energy system for enhancing power reliability in cement factories in Pakistan

Pakistan is among the top twenty cement producing countries in the world, with an annual capacity of over 44 million tons. The growth of the cement industry in Pakistan is expected to be around 14% over the next five years. Nonetheless, this growth could lead to increased use of fossil fuels, contributing to global warming. This research proposes a novel grid-tied hybrid power supply scheme that can offer a more reliable source of electricity for the cement manufacturing process in Pakistan. The proposed hybrid power system stands out for its unique aspect of using both renewable energy sources and waste heat by integrating a solar thermal power cycle with heat recovery from exhaust gases and wind power turbines. The detailed simulation of the proposed hybrid waste heat recovery-renewable energy (WHR-RE) system is performed in the Transient System Simulation (TRNSYS18) Tool. The objective of the simulation is to identify the optimal size and configuration of the system that can fulfill the required electrical load of the Pakistan Cement factory located in the Kalar Kahar district of Chakwal, Pakistan. The techno-economic analysis indicates that the proposed WHR-RE is economically feasible, providing 40% of the total electricity demand with an annual generation of 109.2 GWh and a net present value of USD 25.69 million. Moreover, this system will reduce the factory's annual electricity bill by USD 19.66 million and mitigate CO2 emissions by 52.7 thousand tCO2e/year.

Sustainable Working Capital and Financial Performance in Cement Industry of Pakistan: An OLS Approach*

This research aims to demonstrate for the first time how the Pakistani cement sector's financial health is impacted by sustainable working capital. The cement Industry uses sustainable working capital techniques and practices for magnificent financial outcomes. Considering the importance of these profitable techniques, we practice these in cement firms with a sample size of 25 cement firms listed in the Pakistan stock market (PSX) from 1997-2022. The data is collected from annual reports available on the financial statements. The current ratio and Quick ratio are measured for liquidity. Ordinary Least Square & correlation analysis indicates that the cash conversion cycle (β1= -0.564, p= 0.00), Current ratio (β2= -0.20, p= 0.040), Quick ratio (β3= -0.585, p= 0.000) and Inventory Turnover ratio (β4= -0.244, p= 0.004) have a negative effect on financial performance (Tobin's Q). This study helps policymakers that can handle liquidity Sustainable working capital for the cement industry.

Fostering extra-role green behavior through green HRM practices: mediating role of green absorptive capacity

PurposeThe green aspects in current management practices are strongly emphasized for sustainable and environment friendly business operations. Thus, building on ability-motivation-opportunity (AMO) theory, this study aims to test the mediating role of green absorptive capacity in the relationship between green human resources management (GHRM) practices (i.e., green training and development, and green performance management) and organizational citizenship behavior towards environment (OCBE).Design/methodology/approachUsing a paper-pencil survey, the authors collected data from 170 middle-tier officers working in cement industry of Pakistan. Structural equation modeling technique was applied for data analysis through Smart-PLS.FindingsResults indicated that GHRM practices significantly influence OCBE and green absorptive capacity partially mediates the relationship between GHRM practices and OCBE.Originality/valueThis study offers new theoretical and practical insights by empirically investigating the mediating role of green absorptive capacity between GHRM practices and OCBE through the lens of AMO theory. Furthermore, this study contributed in disclosing the predictors of OCBE through intervening mechanism in manufacturing sector of developing country for sustainable outcomes.

Analyzing the Prospect of Hybrid Energy in the Cement Industry of Pakistan, Using HOMER Pro

Cement manufacturing is one of the most energy-intensive industries in the world. Most of the cost of producing cement is accounted for in terms of fuel consumption and power expenditure. Thermal power plants are a significant contributor to electricity generation in countries such as Pakistan. They are, however, inherently inefficient, and environmentally unfriendly. In this paper, the authors investigated the possibility of delivering hybrid energy to Pakistani cement plants. Five cement plants—Askari Cement Plant, Wah (ACPW); Bestway Cement Plant, Kalar Kahar (BCPKK); Bestway Cement Plant, Farooqia (BCPF); Bestway Cement Plant, Hattar (BCPH); and DG Cement Plant, Chakwal (DGCPC)—were selected. The possibility of implementing the four off-grid hybrid energy models (HEMs) was investigated for the intended cement plants, using HOMER Pro software. A multi-criteria decision analysis (MCDA) was carried out, based on objectives including the net present cost (NPC), the levelized cost of electricity (LCOE), and greenhouse gas (GHG) emissions. HEM-1 was comprised of PV, converter, and a fuel cell. HEM-2 had only a diesel generator, and acted as a base case in this study. HEM-3 had solar panels and a battery-converter system. In HEM-4, diesel generators, PV, and converters were considered. Based on the NPC, the optimal model was HEM-4, having a 0.249 USD/KWh LCOE in islanded systems. The NPC and operating costs were USD 540 M and USD 32.5 M per year, respectively, with a 29.80% reduction in the CO2 emissions compared to the base case. Based on the GHG emission, HEM-1 and HEM-3 were the best models, with 0% GHG emissions. The results confirmed that the proposed HEMs can sustainably provide electricity for 24 h a day to the sites under consideration, with minimum objectives.

Relationship between Emissions of Carbon Dioxide from the Cement Industry, Health Expenditures and Economic Growth in Pakistan

Carbon Dioxide emissions are not suitable for human health, and it also creates hurdles in the economic growth of any economy. The current study aims to reinvestigate the impact of greenhouse gases like CO2 emissions, including other gases, in the cement industry of Pakistan and its outcome in the shape of an increase in the health expenditures of the citizens. The study employs the ARDL methodology to find the empirical results in the short and long run. For the empirical analysis, the study used time-series data from the WDI database and covered the range from 1990 to 2019. The study finds a strong relationship between CO2 emissions from the cement industry, health expenditures, and economic growth in Pakistan. There is a uni-directional causality running from CO2 emission to health expenses in both the short and long run. The present study makes a significant contribution to the literature on industrial economics and energy economics and its effects on the well-being of people in society. The study explains the changes in the health expenditures of people by considering the emission of CO2 from the cement industry, which is a new dimension in the case of Pakistan. Moreover, the study suggested that the government and policymakers should make environment-friendly and eco-friendly policies to clean the environment for better health and high economic growth. The government should encourage investors to invest in green technology to increase production capacity and improve the environment.

A Techno-Economic Analysis of Alternative Fuels in Cement Industry in Pakistan

A Techno-Economic Analysis of Alternative Fuels in Cement Industry in Pakistan

Stock Price Anomalies in Contrast to Stock Performance Predictors – A Comprehensive Study of Cement Industry in Pakistan

This research paper has attempted to gauge the relationship amongst dependent and independent variable of firms in Pakistan. Book Value per Share, Earning per Share, Dividend per Share, Gross Domestic Product and Interest Rate are considered as influence factors on movement of Stock Price. For this research 16 organizations are viewed as, recorded in the Pakistan Stock Exchange amid the day and age 2007 to 2016. This exploration will underline on working influences and money related influences and their impact on the profit of the organizations. To gauge the relationship amongst influence and benefit of firms of Pakistan relapse demonstrate and spellbinding measurements will be utilized. Our outcomes will empower the organizations to discover the huge relationship amongst influence and profit of the firm. This study sought to investigate the impact of Book Value per Share, Earning per Share, Dividend per Share, Gross Domestic Product and Interest Rate on Stock Price movement of Pakistan‘s firm. Importantly there is positive relation between independent variable, i.e. Earning per Share, Dividend per Share & Interest Rate and dependent variable that is Stock Price

MEASURING THE TECHNICAL EFFICIENCY OF CEMENT INDUSTRY IN PAKISTAN

Using stochastic frontier analysis, the paper measures the technical efficiency of cement industry of Pakistan. For this purpose, technical efficiency is calculated for 16 cement industries using panel data for the period 2000–2016. Two models are estimated to measure the technical efficiency of cement industry, i.e., the industrial model and the macro-model. In the former model, only industry related variables are used, while in the latter model macroeconomic variables are also used as input variables besides industrial variables. The results indicate that all industrial variables, i.e., capital, labor, raw material, repair and maintenance, energy inputs and advertisement have positive effect on production of cement industry measured by net sales. In macro-model, gross domestic product (GDP) growth and exchange rate have significant positive effect on production. It is found that one percent increase in economic growth will increase cement production by 0.061%. Similarly, one percent devaluation in exchange rate will bring 0.855% increase in cement production. The results show that there is 48.4% efficiency in cement industry of Pakistan, which indicates that cement industry in Pakistan is inefficient by 51.6%. It implies that there is a need to improve the efficiency of cement industry. Further, macroeconomic variables should be incorporated while examining the efficiency of cement industry in Pakistan.

CORPORATE GOVERNANCE AND FIRM PERFORMANCE NEXUS: A CASE OF CEMENT INDUSTRY OF PAKISTAN

Corporate governance is the system of rules, practices and method by that business corporations are directed and controlled. The aim of this research is to examine the impact of the corporate governance on the financial performance of the enlisted cement industry on the Pakistan Stock Exchange from the year 2013-17. This research is a “quantitative research” which focuses on numbers and results based on empirical analysis of actual data and logic. Ten out of seventeen cement firms listed at PSX from the period 2013-17 are selected as sample of the study. Data was collected from documents and records. Descriptive statistics, Pearson’s correlation and multiple regressions were used for data analysis. The results showed that there is no significant relationship between leverage and firm performance, the board structure has no significant relationship with firm performance, and firm size has an insignificant relationship with firm performance. The results however suggested that ownership structure has significant relationship with firm performance. The future investors in cement industry of Pakistan must consider above factors before investments. This study helps shareholders and management in decision making about the effect of ownership structure on firm performance and how these can change ownership structure. This study helps students to gain knowledge and understanding about good corporate governance and its impact on firm performance. It will also help them to go through the annual reports of companies and to analyse the financial statements so that they could learn how to analyse the performance of the firm in terms of ROE. Moreover, the study would also be a direction for future researchers and students to further add value to the subject of corporate governance and firm performance.

Refuse-derived fuels as a renewable energy source in comparison to coal, rice husk, and sugarcane bagasse

ABSTRACTThe calorific potential of refuse-derived fuels (RDFs) was investigated with different coals, rice husk, and sugarcane bagasse. Carbon-sulfur analysis, gross calorific value (kJ/kg), and proximate analysis (%) were carried out. Total carbon of coal samples was found to be in the range from 62.65 to 79.19%, while RDF samples were ranged from 40.21 to 57.34% which were almost similar to rice husk (49.13%) and sugarcane bagasse (46.13%). Comparison of the total sulfur content of the coal (Duki) (10.52%) was very high as compared to RDF samples ranged from 0.17 to 0.46% and almost similar to rice husk (0.34%) and sugarcane bagasse (0.187%), while other coal samples ranged from 2.1 to 4.5%. The gross calorific value of the coal (Duki) (6,163 kJ/kg) was higher to other coal samples ranged from 4,935 to 4,972 kJ/kg, while found to be almost double to rise husk (3,518 kJ/kg), sugarcane bagasse (3,285 kJ/kg), and RDF samples (3,125–4,689 kJ/kg). The moisture content, volatile matter, and ash content were found higher in RDF 1 (42.14%), RFD 2 (66.55%), and coal (stone) (33.14%), respectively. Appropriate gross calorific value and very low sulfur content of the RDFs, especially RDF 2, appeared adequate to be used as a fuel with a lesser pollution potential and as an alternative fuel in mega cement industry of Pakistan.

Corporate governance and value of family-owned business: A case of emerging country

The article focuses on analyzing the relationship between practices of corporate governance in family-owned firms that are listed in Pakistan Stock Exchange (PSX) with their value (firm value). Nearly 70% of listed cement companies are family-owned. The cement industry in Pakistan is in boom phase because of international construction projects in collaboration with China, China-Pakistan Economic Corridor (CPEC). Moreover, family-owned firms have a long history of contributing their best towards Pakistan’s economy since inception after the independence. The firm’s market value is an indicator of overall performance and health of the firm. This paper uses data from annual reports of the firms from 2013-2017, including corporate governance metrics like board size, board composition and composition of the audit committee. The dependent variable firm value has calculated using Tobin’s Q. The analysis involves panel least squares method using Eviews9. Results indicate a positive relationship between firm value and corporate governance metrics, and closely consistent with a number of researches in the similar geographical framework. It has been however recommended for future researchers to have a deeper view of a firm’s performance metrics in the cement industry keeping in view the gigantic projects upcoming.

A Regressional Impact of Earning per Share on Market Value of Share: A Case Study Cement Industry of Pakistan

The price of equity shares depends on the two basic factors, demand and supply. Price fluctuates with the phenomenon of buying and selling. Prices usually move up with buying and go down with selling of equity shares. Many accounting variables affect market value of equity share and Earnings Per Share is one of them. The purpose of this research is to find out the effect of Earning Per Share (EPS) on the Market Value of Share (MVS) and their mutual relationship. The targeted population was the Pakistani Cement industries that were listed in the Stock Exchange Commission of Pakistan (SECP). The thirteen Cement industries were selected for the analysis and secondary data was used for this purpose. The data was analyzed through SPSS software and represented in the form of tables and graphs. The finding shows that Earning Per Share (EPS) significantly impact the Market Value of Share. This study improves the understanding of share prices in broadening the base of market values of share, which may assist in creating a better investment culture in country that translates economy into a robust economy.

Critical elements in implementations of just-in-time management: empirical study of cement industry in Pakistan

In recent years, inventory management is continuous challenge for all organizations not only due to heavy cost associated with inventory holding, but also it has a great deal to do with the organizations production process. Cement industry is a growing sector of Pakistan’s economy which is now facing problems in capacity utilization of their plants. This study attempts to identify the key strategies for successful implementation of just-in-time (JIT) management philosophy on the cement industry of Pakistan. The study uses survey responses from four hundred operations’ managers of cement industry in order to know about the advantages and benefits that cement industry have experienced by Just in time (JIT) adoption. The results show that implementing the quality, product design, inventory management, supply chain and production plans embodied through the JIT philosophy which infect enhances cement industry competitiveness in Pakistan. JIT implementation increases performance by lower level of inventory, reduced operations & inventory costs was reduced eliminates wastage from the processes and reduced unnecessary production which is a big challenge for the manufacturer who are trying to maintain the continuous flow processes. JIT implementation is a vital manufacturing strategy that reaches capacity utilization and minimizes the rate of defect in continuous flow processes. The study emphasize the need for top management commitment in order to incorporate the necessary changes that need to take place in cement industry so that JIT implementation can take place in an effective manner.

Impact of Corporate Governance on Performance of Firms: A Case Study of Cement Industry in Pakistan

This research paper throws light on the relationship between the corporate governance and Firm financial performance in Cement industry of Pakistan. This study gives attention to three variables which include board Size, Family controlled firms, and CEO duality. Firm’s performance is measured through return on equity, return on assets, and earnings per share, debt to equity and current ratio. Positive relationship between corporate governance and firm performance has been observed.

Determinants of Capital Structure: A Case for the Pakistani Cement Industry

This paper attempts to determine the capital structure of listed firms in the cement industry of Pakistan. The study finds that a specific industry’s capital structure exhibits unique attributes which are usually not apparent in the combined analysis of many sectors as done by Shah & Hijazi (2005). The study took 16 of 22 firms in the cement sector, listed at the Karachi Stock Exchange for the period 1997-2001 and analyzed the data by using pooled regression in a panel data analysis. Following the model developed by Rajan & Zingle (1995) it has chosen four independent variables i.e. firm size (measured by natural log of sales), tangibility of assets, profitability and growth and further analyzed the effects on leverage. The results, except for firm size, were found to be highly significant.