Attock Cement doubles profit in 9MFY24 due to gain on disposal of subsidiary

April 25, 2024 (MLN): Attock Cement (Pakistan) Limited (PSX: ACPL) reported its earnings for the nine months ended March 31, 2024, as per which the profit more than doubled to Rs2.22 billion [EPS: Rs16.14] compared to a profit of Rs1.06bn [EPS: Rs7.96] recorded in the same period last year (SPLY).

The key factor contributing to the company's positive financial result was an inflow of Rs2.2bn from a gain on the disposal of a subsidiary.

Going by the results, the company's top line surged by 18% YoY to Rs21.69bn as compared to Rs18.39bn in SPLY.

The rise in sales outweighed the 21.1% YoY increase in cost of sales due to which the gross profit improved by 6.1% YoY to Rs4.06bn in 9MFY24.

Operating expenses for the company saw a notable rise during the review period.  Administrative Expenses increased by 12% YoY while other expenses by 5.5% YoY to clock in at Rs599.44m and Rs129.66m respectively.

Additionally, selling and distribution expenses surged by 61.16% YoY to reach Rs2.12bn.

Other income decreased by 9% YoY to Rs138.95m in 9MFY24 as compared to Rs152.73m in SPLY.

In the financing arena, the company’s finance cost deflated by 39.6% YoY and stood at Rs185.71m as compared to Rs307.28m in SPLY, despite higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.16bn against the Rs651.87m paid in the corresponding period of last year, depicting a rise of 77.3% YoY.

Amount in thousand except for EPS

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