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

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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Posted on: 2020-10-21T14:08:00+05:00

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