Pakistan Aluminium Beverage Cans Limited (PABC) is preparing for its Annual General Meeting (AGM) to be held on April 28th of this year. A meeting that will be marked by the expansion of the company’s production capacity, which is growing meteorically.
PABC is the only aluminum can producer in Pakistan and is an integral supplier to all major carbonated beverage bottlers in Pakistan and Afghanistan, including giants such as PepsiCo franchisees and Coca Cola bottlers.
Despite being only six years old, in October 2022 the company announced its intentions to increase production capacity by more than 26%, from 700 million cans per year to more than 950 million. The reasons for its dizzying rise was that no one in Pakistan had the bright idea of introducing an aluminum can business in the country until PABC entered the scene in 2017.
Since the 1950s, soft drinks were only available in glass bottles until the 1970s, when imported soft drinks in aluminum cans also began to be marketed and made available in the country.
Just three years after its formation, PABC sought an initial public offering (IPO) on the Pakistan Stock Exchange (PSX). The company planned to raise at least Rs 3.3 billion by offering a 26% stake to institutional and ordinary investors.
PABC began operating in 2017 as the only local aluminum beverage can manufacturer in the country. Until then, bottlers in Pakistan and Afghanistan relied on expensive imports to package their beverages in environmentally friendly aluminum cans.
PABC supplied bottlers of all major carbonated beverages, including PepsiCo and Coca-Cola, in both Pakistan and Afghanistan. Exports to Afghanistan accounted for 35% of the company’s sales in 2020. From its inception in 2017 through the expansion in 202, PABC had grown its revenues at an annualized rate of 18.7%. In the third full year of its operation (2020), the company’s net profit amounted to Rs 610.7 million, up 314% over 2019.
The company is confident of increasing sales to 650 million cans by 2025. Currently, PABC’s production capacity is 700 million cans, which they want to increase to 950 million cans. During the first nine months of 2022, its sales doubled, while gross profit during this time period stood at 34.11%.
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