Attock Cement's Q2 profit soars 194% YoY to Rs1.35bn

MG News | September 02, 2024 at 03:06 PM GMT+05:00

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September 02, 2024 (MLN): Attock Cement (Pakistan) Limited (PSX: ACPL) recorded an increase of 193.9% YoY in its earnings for Q2 CY24, with the company's after-tax profits rising to Rs1.35 billion [EPS: Rs0.3], compared to a profit of Rs458.57m [EPS: Rs0.41] in the same period last year (SPLY).

Going by the results, the company's top line went down by 3.5% to Rs6.84bn as compared to Rs7.09bn in SPLY.

Despite dropping sales, the cost of sales rose during the review period which ultimately worsened the gross profit by 33.3% to Rs1.23bn in Q2 2024.

Accordingly, the gross margins worsened to 18% as compared to 26% in SPLY.

On the expense side, the company's administrative expenses rose 0.1% YoY to Rs192.03m.

On the other hand, selling and distribution expenses fell 16.9% YoY to Rs472.98m.

The company’s finance cost went up and stood at Rs154.17m as compared to Rs18.05m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.22bn against the Rs720.4m paid in the corresponding period of last year, depicting an increase of 70%.

Further worsening the situation for ACPL, other income shrank 86.9% to stand at Rs19.97m in Q2 2024 as compared to Rs152.23m in SPLY.

Despite these negative complications, the company managed to book a significantly higher profit, having incurred a Rs2.09 billion gain from the sale of its subsidiary.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	6,842,692	7,087,637	-3.46%
Cost of sales	(5,612,946)	(5,245,427)	7.01%
Gross Profit/ (loss)	1,229,746	1,842,210	-33.25%
Administrative Expenses	(192,027)	(191,883)	0.08%
Selling And Distribution Expenses	(472,977)	(569,185)	-16.90%
Other Gains / (Losses)	2,092,906	0	-%
Share Of Profit / (Loss)	6,822	5,846	16.70%
Other Income	19,966	152,225	-86.88%
Other Operating Expenses	42,422	(78,289)	-%
Finance Cost	(154,165)	18,049	-%
Profit/ (loss) before taxation	2,572,693	1,178,973	118.21%
Taxation	(1,224,803)	(720,402)	70.02%
Net profit/ (loss) for the period	1,347,890	458,571	193.93%

Amount in thousand except for EPS

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