ACPL’s profits jack-up by 7% YoY amid economic revival and improved retention

MG News | January 27, 2021 at 02:44 PM GMT+05:00

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January 27, 2021 (MLN): Attock Cement Pakistan Limited (ACPL) has announced its 1H financial result, where consolidated earnings came in at Rs 1.24 billion with earnings per share (EPS) of Rs 7.02, up by 7.8% YoY.

During the period, the topline of the company grew by 21%YoY attributable to growth in volumetric sales amid economic revival, increase in retention price, reduced FED, and lower discounts. The gross margins of the company for the period clocked in at 24% against 23% in the corresponding period last year which was largely driven by better absorption of fixed cost amid higher volumetric sales.

With regards to the company’s major expense head, its Selling and Distribution cost jacked up by 30% YoY largely due to freight cost associated with enhanced export sales made during the period.

Furthermore, due to increased short-term borrowing requirements during the period, the company’s financial charges jumped by 53.38% YoY.

According to the report by IGI Securities, the Company also announced the Board’s approval of enhancing the capacity of its earlier announced Solar Power Plant of 7MW to 20MW. This would help the company to reduce its reliance on the national grid and manage a sustainable energy mix.

Consolidated Financial Results for the half-year ended December 31, 2020 ('000 Rupees)
	Dec-20	Dec-19	% Change
Revenue	15,089,486	12,459,954	21.10%
Cost of Sales	(11,011,079)	(9,544,658)	15.36%
Gross Profit	4,078,407	2,915,296	39.90%
Distribution cost	(1,455,792)	(1,066,747)	36.47%
Administrative expenses	(540,209)	(278,701)	93.83%
Other expenses	(52,000)	(68,000)	-23.53%
Other income	49,685	44,678	11.21%
Profit from operations	2,080,091	1,546,526	34.50%
Finance cost	(551,566)	(359,608)	53.38%
Share of net income of associate accounted for using equity method	2,985	2,500	19.40%
Profit before income tax	1,531,510	1,189,418	28.76%
Income tax credit/(expense)	(287,000)	(35,000)	720.00%
Profit for the year	1,244,510	1,154,418	7.80%
Earnings per share - basic and diluted (Rupees)	7.02	7.26	-3.31%

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