ACPL's profits improve by 47% during 9MFY20
MG News | April 23, 2020 at 02:14 PM GMT+05:00
April 23, 2020 (MLN): Attock Cement Pakistan Limited has announced the results for nine months period ended March 31, 2020, as per which, the company has earned profits of Rs. 2.03 billion, i.e. 47% higher than the earnings of the same period last year.
According to the research report by Arif Habib, the revenue of the company improved by 18% despite lower dispatches and dumping activity witnessed in the North by other cement players.
Moreover, the cost of sales increased by 15% due to the depreciation of the local currency, which negated the impact of lower coal prices.
However, the gross profits improved by 28% during the period as the company managed to maintain higher retention prices.
Another notable change witnessed during the period was the 61% decline in the income tax charge as compared to the same period of last year.
| Financial Results for the nine months ended March 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
| Mar-20 | Mar-19 | % Change | |
| Revenue | 19,061,484 | 16,150,866 | 18.02% |
| Cost of Sales | (14,420,918) | (12,540,657) | 14.99% |
| Gross Profit | 4,640,566 | 3,610,209 | 28.54% |
| Distribution cost | (1,578,704) | (1,099,714) | 43.56% |
| Administrative expenses | (407,045) | (379,981) | 7.12% |
| Other expenses | (75,000) | (102,500) | -26.83% |
| Other income | 63,076 | 163,137 | -61.34% |
| Profit from operations | 2,642,893 | 2,191,151 | 20.62% |
| Finance cost | (480,229) | (485,277) | -1.04% |
| Share of net income of associate accounted for using equity method | 2,500 | ||
| Profit before income tax | 2,165,164 | 1,705,874 | 26.92% |
| Income tax credit/(expense) | (129,000) | (329,678) | -60.87% |
| Profit for the year | 2,036,164 | 1,376,196 | 47.96% |
| Earnings per share - basic and diluted (Rupees) | 14.82 | 10.10 | 46.73% |
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