ACPL's profit rises by 55.42% to Rs2.11bn Profit in FY23

August 29, 2023 (MLN): Attock Cement (Pakistan) Limited (PSX: ACPL) 's profitability rose significantly by 55.42% YoY in FY23 as the profit after tax clocked in at Rs2.11bn [EPS: Rs13.60] compared to a profit of Rs1.35bn [EPS: Rs8.15] in the same period last year (SPLY).

ACPL's profit through continuing operations rose by 97.46% YoY to Rs1.52bn, while the profits from discontinued operations witnessed a meager rise of 0.42% YoY to stand at Rs589.19 million in FY23.

Going by the results, the company's top line by 24.41% YoY to Rs25.48bn as compared to Rs20.48bn in SPLY.

The cost of sales rose by 18.04% YoY but was less than proportionate to sales growth, which improved the gross profit by 53.25% YoY to Rs5.67bn in FY23.

During the period under review, other income dipped by 46.20% YoY to stand at Rs304.95m in FY23 as compared to Rs566.82m in SPLY.

On the expense side, the company observed a rise in Selling and distribution expenses by 45.44% YoY and other expenses by 61.71% YoY to clock in at Rs1.88bn and Rs201.23m respectively during the review period.

Similarly, administrative expenses also rose to Rs727.11m in FY23, compared to Rs640.80m in SPLY, depicting an increase of 14.47% YoY.

The company’s finance costs rose by 12.13% YoY and stood at Rs289.24m as compared to Rs257.95m in FY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.37bn against the Rs1.19bn paid in the corresponding period of last year, depicting a rise of 15.28% YoY.

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