Leaders and laggards

In the game of profitability vs efficiency, Pakistan's cement sector in FY25 presents an interesting case study. Cherat emerges as an unlikely leader with the highest margins and EPS, signaling strong operational efficiency and profitability, albeit on moderate revenues. Lucky dominates in scale and sheer size though its EPS is trailing behind smaller rivals. Fauji with strong revenues lacks earnings, while DG Khan Cement remains mid-tier with modest efficiency and earnings.