Attock Cement reports 23.8% YoY upsurge in consolidated profits

By MG News | August 26, 2020 at 02:17 PM GMT+05:00

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August 26, 2020 (MLN): Attock Cement Pakistan Limited (ACPL) has reported 23.8% YoY increase in net profits to Rs 2.6 billion for the year ended on June 30^th, 2020, compared to the profits of Rs 2 billion secured last year.

Whereas, the earnings per share of the company exhibited a decline of 4.37% YoY from Rs 15.09 to Rs 14.43.

The increase in profitability is attributed to higher topline which grew by 15.24% YoY.

Moreover, weak demand during COVID-19 lockdown and weak retail prices along with higher distribution expense in the backdrop of higher share of exports kept the company’s profits in check.

The Gross Margins of the company increased to 24% as against 23% registered last year. Accordingly, Gross profits of the company jumped to Rs1.8 billion in comparison to Rs1.4 billion last year.

Finance charges shrunk by 18.83% YoY possibly due to early repayment of long-term financing made by the Company during the year.

According to the report by BIPL Securities, along with the result the Company also announced Board’s approval of enhancing the capacity of its earlier announced Solar Power Plant of 7MW to 20MW.

Consolidated Financial Results for the Year ended June30th, 2020 ('000 Rupees)
	Jun-20	Jun-19	% Change
Revenue	23,948,118	20,780,934	15.24%
Cost of Sales	(18,107,543)	(15,978,032)	13.33%
Gross Profit	5,840,575	4,802,902	21.61%
Distribution cost	(1,840,494)	(1,414,820)	30.09%
Administrative expenses	(542,149)	(505,149)	7.32%
Other expenses	(92,274)	(149,756)	-38.38%
Other income	146,878	293,803	-50.01%
Profit from operations	3,512,536	3,026,980	16.04%
Finance cost	(526,358)	(648,444)	-18.83%
Share of net income of associate accounted for using equity method	5,923	24,665	-75.99%
Profit before income tax	2,992,101	2,403,201	24.50%
Income tax credit/(expense)	(425,000)	(330,000)	28.79%
Profit for the year	2,567,101	2,073,201	23.82%
Earnings per share - basic and diluted (Rupees)	14.43	15.09	-4.37%

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