ACPL's profit soars to Rs1.54bn in 1QFY24

October 10, 2023 (MLN): Attock Cement (Pakistan) Limited (PSX: ACPL) reported a massive increase in profitability to Rs1.54 billion in 1QFY24 [EPS: 11.23], compared to the profit of Rs115.66 million [EPS: 0.84] reported in the Same Period Last Year (SPLY), as revealed in the company's filing on PSX today.

Going by the results, the company's top line marked an increase of 52.61% YoY to Rs6.66bn as compared to Rs4.36bn in SPLY.

The cost of sales also rose by 52.32% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 54.07% YoY to Rs1.13bn in 1QFY24.

On the expense side, the company observed a rise in Distribution expenses by 81.78% YoY and other expenses by 2.27x YoY to clock in at Rs545.23m and Rs25m respectively during the review period.

Similarly, ACPL's administrative expenses also inched by 0.66% to Rs201.05m in 1QFY24, as in 1QFY23, the figures were reported at Rs199.73m.

ACPL's profitability was significantly boosted by the inflow of the gain of investment, which amounted to Rs2.2bn in 1QFY24.

During the period under review, other income decreased by 66.59% YoY to stand at Rs27.32m in 1QFY24 as compared to Rs81.78m in SPLY.

The company’s finance costs shrunken by 72.53% YoY and stood at Rs37.34m as compared to Rs135.95m in 1QFY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.01bn against the Rs55m paid in the corresponding period of last year.

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