February 06, 2024 (MLN): Attock Cement (Pakistan) Limited (PSX: ACPL) reported its profit and loss statement for the quarter ended 31 December 2023, wherein the profit after tax clocked in at Rs496.8 million [EPS: Rs3.62] compared to a profit of Rs444.52m [EPS: Rs3.24] in the same period last year (SPLY).
Going by the results, the company's top line increased by 32.77% YoY to Rs7.98bn as compared to Rs6.01bn in SPLY.
The cost of sales also rose by 36.55% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 20% YoY to Rs1.65bn in 2QFY24.
During the period under review, other income was down by 17.53% YoY to stand at Rs56.01m in 2QFY24 as compared to Rs67.91m in SPLY.
On the expense side, the company observed a rise in distribution costs by 2.54x YoY and other expenses by 21.58% YoY to clock in at Rs871.21m and Rs71.66m respectively during the review period.
The company’s finance costs were down by 32.54% YoY and stood at Rs52.78m as compared to Rs78.24m in 2QFY24.
On the tax front, the company paid a significantly lower tax worth Rs22.69m against the Rs366.87m paid in the corresponding period of last year, depicting a fall of 93.81% YoY.
During the quarter, the company recognized investment in its associated company arising out of loss of control of the subsidiary at fair value as required by the applicable accounting and reporting standards in Pakistan.
The resulting gain on disposal of subsidiary is recognized partially in profit or loss and the remaining in other comprehensive income.
Had the gain on disposal of the subsidiary been recognized entirely in the statement of profit and loss as required by the applicable accounting standards, the gain on disposal of subsidiary and resulting tax charge for the review quarter would have been higher by Rs2.13bn and Rs832.48m respectively.
Accordingly, profit after tax for the half year ended December 31, 2023, would have been higher by Rs1.30bn and other comprehensive income would be lower by the same amount.
Consequently, the company's earnings per share for the quarter would have been higher by Rs9.47.
| Unconsolidated (un-audited) Financial Results for Quarter ended 31 December, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 7,978,122 | 6,009,064 | 32.77% |
| Cost of sales | (6,323,407) | (4,630,680) | 36.55% |
| Gross Profit | 1,654,715 | 1,378,384 | 20.05% |
| Distribution costs | (871,208) | (342,816) | 154.13% |
| Administrative expenses | (201,981) | (158,864) | 27.14% |
| Share of net income of Associate accounted for using equity method | 6,404 | 3,951 | 62.09% |
| Other Income | 56,005 | 67,912 | -17.53% |
| Other expenses | (71,656) | (58,937) | 21.58% |
| Finance cost | (52,783) | (78,241) | -32.54% |
| Profit before taxation | 519,496 | 811,389 | -35.97% |
| Taxation | (22,693) | (366,869) | -93.81% |
| Net profit for the period | 496,803 | 444,520 | 11.76% |
| Other Comprehensive Income | |||
| Unrealized gain on disposal | 1,302,080 | – | – |
| Basic earnings/ (loss) per share | 3.62 | 3.24 | – |
Amount in thousand except for EPS
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Posted on: 2024-02-06T10:01:32+05:00
