Attock Cement posts 81% decline in 1HFY25 profit
MG News | January 27, 2025 at 05:19 PM GMT+05:00
January 27, 2025 (MLN): Attock Cement Pakistan Limited (PSX: ACPL) reported its profit and loss statement for the quarter ended 31 December 2024, wherein the profit after tax clocked in at Rs643.02 million [EPS: Rs4.68] compared to a profit of Rs3.34 billion [EPS: Rs24.32] in the same period last year (SPLY).
Going by the results, the company's top line increased by 4.87% YoY to Rs15.35bn as compared to Rs14.63bn in SPLY.
The cost of sales also rose by 4.37% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 7.02% YoY to Rs2.98bn in 1HFY25.
During the period under review, other income was up by 815.8% YoY to stand at Rs763.10m in 1HFY25 as compared to Rs83.33m in SPLY.
On the expense side, the company observed a rise in distribution costs by 23.25% YoY and a decrease in other expenses by 46.69% YoY to clock in at Rs1.74bn and Rs51.53m respectively during the review period.
The company’s finance costs were up by 811.88% YoY and stood at Rs821.85m as compared to Rs90.13m in 1HFY24.
| Interim Financial Results (un-audited) for 1HFY25 31 December 2024 (Rupees in '000) | Dec-24 | Dec-23 | %Change |
| Revenue from contracts with customers | 15,351,441 | 14,638,243 | 4.87% |
| Cost of sales | (12,367,729) | (11,850,333) | 4.37% |
| Gross profit | 2,983,712 | 2,787,910 | 7.02% |
| Distribution costs | (1,745,776) | (1,416,435) | 23.25% |
| Administrative expenses | (408,898) | (403,027) | 1.46% |
| Other expenses | (51,533) | (96,666) | -46.69% |
| Other income | 763,102 | 83,326 | 815.80% |
| Profit from operations | 1,540,607 | 955,118 | 61.30% |
| Gain on disposal of subsidiary | - | 4,331,302 | - |
| Gain on disposal of associate | 4,320 | - | - |
| Finance cost | (821,854) | (90,127) | 811.88% |
| Share of net income of associate accounted for using equity method | 9,123 | 6,404 | 42.46% |
| Profit before income tax and levies | 732,196 | 5,202,697 | -85.93% |
| Levies | (71,951) | (59,282) | 21.37% |
| Profit before income tax | 660,245 | 5,143,415 | -87.16% |
| Income tax (expense)/income | (17,230) | (1,800,889) | -99.04% |
| Profit for the period | 643,015 | 3,342,526 | -80.76% |
| Basic and diluted earnings per share (Rupees) | 4.68 | 24.32 | - |
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