ACPL's 1HFY23 financials paint a rosy picture with a 28% YoY leap in net profit
MG News | February 28, 2023 at 02:54 PM GMT+05:00
February 28, 2023 (MLN): Attock Cement Pakistan Limited (ACPL) managed to rack in a 28% YoY higher net profit in 1HFY23 which stood at Rs951 million compared to Rs742.15mn in the same period last year (SPLY).
This has been reflected in the per-share earnings of the company which clocked in at Rs5.78 against Rs4.69 in SPLY, up by 23.24% YoY.
During the period, the revenue from contracts with customers increased by 17.82% to clock in at Rs15.46bn while the cost of sales registered a growth of 17.3% YoY compared to the corresponding period last year.
Accordingly, the gross margins improved to 18.42% in 1HFY23 compared to 18.09% in 1HFY22.
Among other heads, the company’s administrative and other expenses moved up by 16.13% YoY and 2.85% YoY, respectively. On the other hand, the distribution cost has dropped by around 4% YoY to Rs811mn in 1HFY23.
Moreover, the finance cost of the company soared by over 2x YoY, this may be attributed to the higher interest rate regime during the period.
On the taxation front, ACPL booked effective taxation at 30.73% in IHFY23 against 37.95% in SPLY.
|
Financial Results for the half year ended December 31, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
Dec-22 |
Dec-21 |
% Change |
|
|
Revenue from contracts with customers |
15,468,927 |
13,129,809 |
17.82% |
|
Cost of Sales |
(12,618,306) |
(10,753,924) |
17.34% |
|
Gross Profit |
2,850,621 |
2,375,885 |
19.98% |
|
Distribution costs |
(811,184) |
(843,266) |
-3.80% |
|
Administrative expenses |
(474,865) |
(408,899) |
16.13% |
|
Other expenses |
(69,937) |
(68,000) |
2.85% |
|
Other income |
149,696 |
265,976 |
-43.72% |
|
Profit from operations |
1,644,331 |
1,321,696 |
24.41% |
|
Finance cost |
(275,514) |
(128,366) |
114.63% |
|
Share of net income of associate accounted for using the equity method |
3,951 |
2,820 |
40.11% |
|
Profit before income tax |
1,372,768 |
1,196,150 |
14.77% |
|
Income tax expenses |
(421,869) |
(454,000) |
-7.08% |
|
Profit for the period |
950,899 |
742,150 |
28.13% |
|
Earnings per share - basic and diluted (Rupees) |
5.78 |
4.69 |
23.24% |
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