Attock Cement posts 81% decline in 1HFY25 profit

MG News | January 27, 2025 at 05:19 PM GMT+05:00

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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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