Attock Cement enjoys a 64% growth in earnings during 1QFY21

MG News | October 21, 2020 at 02:08 PM GMT+05:00

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October 21, 2020 (MLN): Attock Cement Pakistan Limited has earned profits of Rs. 691.7 million for the quarter ended September 30, 2020, i.e. around 64% higher as compared to the earnings of the same period last year.

The earnings per share for the period stood at Rs. 3.37, i.e. only 17% higher than the EPS recorded in the same period last year.

The growth in earnings was mainly led by an increase in revenues by 36%, as it helped in lifting the gross profits by 25%. The company suffered some setbacks too in the form of an increase in major expense heads i.e. Distribution and Administrative costs by 30% and 59%, respectively.

While there was a 19% decline in other income, the decline in non-core expenses by 58% provided respite to the company.

Further relief was drawn from a 44% decline in Finance costs and a 45% decline in income tax expense.

Financial Results for the quarter ended September 30, 2020 (Rupees'000)
	Sep-20	Sep-19	% Change
Revenue from contacts with customers	7,308,603	5,372,062	36.0%
Cost of sales	(5,598,727)	(4,004,745)	39.8%
Gross profit	1,709,876	1,367,317	25.1%
Distribution costs	(636,477)	(489,255)	30.1%
Administrative expenses	(213,162)	(133,920)	59.2%
Other expenses	(15,000)	(36,000)	-58.3%
Other income	16,479	20,352	-19.0%
Finance cost	(89,037)	(158,595)	-43.9%
Profit before taxation	772,679	569,899	35.6%
Taxation	(81,000)	(148,750)	-45.5%
Profit after taxation	691,679	421,149	64.2%
Earnings per share	3.37	2.88	17.0%

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