Attock Cement enjoys a 64% growth in earnings during 1QFY21
MG News | October 21, 2020 at 02:08 PM GMT+05:00
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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