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

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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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