Higher cement prices and dispatches bring a turnaround in CHCC’s performance

By MG News | February 10, 2021 at 02:02 PM GMT+05:00

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February 10, 2021 (MLN): Cherat Cement Company Limited (CHCC) has announced earnings of Rs. 1.12 billion (EPS: 5.81) for the half-year ended December 31, 2020, as opposed to losses of Rs. 560.1 million (LPS: 2.88) reported during the same period of last year.

The company also announced an Interim Cash Dividend of Rs. 1 per share i.e. 10% during the aforesaid period.

The company reported a 21.8% improvement in revenue owing to an increase in cement prices in the northern region of the country as well as higher dispatches. On the other hand, the cost of sales more or less remained unchanged, which resulted in an over fourfold increase in gross profit.

Other expenses depicted over a ninefold increase on the back of a rise in workers’ welfare fund and workers’ profit participation fund. Nonetheless, the company drew respite from a drop in finance cost by 29.3% on account of deleveraging of debt as well as a lower interest rate.

Consolidated Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000)
	Dec-20	Dec-19	% Change
Turnover-net	11,588,614	9,511,621	21.8%
Cost of sales	(8,827,126)	(8,854,200)	-0.3%
Gross profit	2,761,488	657,421	320.0%
Distribution costs	(193,011)	(181,788)	6.2%
Administrative expenses	(132,447)	(145,654)	-9.1%
Other expenses	(86,211)	(9,481)	809.3%
Other income	48,452	48,711	-0.5%
Operating profit	2,398,271	369,209	549.6%
Finance costs	(884,693)	(1,251,652)	-29.3%
Profit / (loss) before taxation	1,513,578	(882,443)
Taxation	(384,920)	322,334
Net Profit / (loss) for the period	1,128,658	(560,109)
Earnings / (loss) per share	5.81	-2.88

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