ACPL's net income declines by 37% YoY owing to dip in offtakes

MG News | April 22, 2022 at 10:33 AM GMT+05:00

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April 22, 2022 (MLN): Attock Cement Pakistan Limited (ACPL) witnessed a 37% YoY decline in its consolidated net profits to Rs1.25 billion (EPS: Rs7.88) during the nine months ended March 31, 2021, against the net profit of Rs1.99bn (EPS: Rs11.51) earned in the same period last fiscal year.

This drop in profitability was mainly due to the decline in offtake which translated to a revenue dip of 4.3% YoY.

Meanwhile, PKR depreciation, augmented coal prices, and higher electricity tariffs also put pressure on margins which nosedived from 26% to 18% during 9MFY22 despite higher retention prices.

However, a reduction in distribution expenses by 33% YoY due to decline in exports, admin costs by 18% YoY and financial charges by 67.4% YoY, provided some cushion to the net income of the company.

Notably, the other positive highlight is a 5.3x YoY increase in other income to Rs337.4mn during the period under review.

On the taxation front, the effective tax rate of the company for the period stands at 36% compared to 17% in the corresponding period last year.

Consolidated Financial Results for the nine months ended March 31, 2022 ('000 Rupees)
	Mar-22	Mar-21	% Change
Revenue	21,187,166	22,137,583	-4.29%
Cost of Sales	(17,348,378)	(16,418,255)	5.67%
Gross Profit	3,838,788	5,719,328	-32.88%
Distribution cost	(1,299,225)	(1,941,255)	-33.07%
Administrative expenses	(618,229)	(753,767)	-17.98%
Other expenses	(109,000)	(86,000)	26.74%
Other income	337,429	62,884	436.59%
Profit from operations	2,149,763	3,001,190	-28.37%
Finance cost	(190,775)	(585,314)	-67.41%
Share of net income of associate accounted for using the equity method	2,820	2,985	-5.53%
Profit before income tax	1,961,808	2,418,861	-18.90%
Income tax credit/(expense)	(708,000)	(422,000)	67.77%
Profit for the year	1,253,808	1,996,861	-37.21%
Earnings per share - basic and diluted (Rupees)	7.88	11.51	-31.54%

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