APL enjoys 80% growth in net profits during 1QFY23

MG News | October 25, 2022 at 01:16 PM GMT+05:00

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October 25, 2022 (MLN): Attock Cement Pakistan Limited has earned a net profit worth Rs4.29 billion [EPS: Rs34.48] for the quarter that ended September 30, 2022, witnessing a surge of around 80% YoY as compared to Rs2.39bn [EPS: Rs19.20] earned in the same period last year (SPLY), the company filing on PSX showed today.

The growth in earnings was mainly led by an increase in revenues by 70% YoY to clock in at Rs124bn, as it helped in lifting the gross profits by over 2x YoY to stand at 10bn in 1QFY23.

Meanwhile, the company also received a 2.4x YoY higher share of profit from associates that stood at Rs60.13mn compared to Rs24mn in SPLY.

The company suffered some setbacks too in the form of an impairment reversal of Rs33.7 million while the operating expenses have also ballooned by twofold to Rs3.73bn in the review period.

The finance cost of the company jumped to Rs486.74mn, up by 44% YoY compared to Rs339mn in SPLY.

Furthermore, the company paid Rs2.16bn in terms of taxation in 1QFY23, compared to Rs992mn in 1QFY22.

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