Attock Cement's yearly profits rise by 45%

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MG News | August 15, 2018 at 02:16 PM GMT+05:00

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In a Board of Directors meeting conducted on August 15th 2018, Attock Cement Pakistan Limited reviewed their financial earnings for the year ended June 30th 2018.

As per the report released, as compared to the year ended June 30th 2017, ACPL's Revenue witnessed an increase of 14.6%, but due to more than double the increase in Cost of sales, which grew by 32%, Gross profits came down by around 12%.

Distribution cost increased by 29% and Administrative expenses increased by 27%,  whereas Other income dropped by 74%, thereby bringing Profit from operations down by 24%

However, Attock cement reported an income tax credit worth Rs.1.3 billion during the period under review, thus the overall profit for the period increased by 45%.

Other than this, ACPL also reported earnings per share to be Rs.38.42 per share, demonstrating a rise of 45%.

Financial Results for the Year Ended June 30th 2018 ('000 Rupees)

 

Jun-18

Jun-17

% Change

Revenue

                     16,884,411

                     14,735,172

14.59%

Cost of Sales

                  (11,697,583)

                     (8,842,960)

32.28%

Gross Profit

                       5,186,828

                       5,892,212

-11.97%

Distribution cost

                     (1,170,970)

                        (903,531)

29.60%

Administrative expenses

                        (533,111)

                        (419,378)

27.12%

Other expenses

                        (163,000)

                        (333,645)

-51.15%

 Other income

                             60,804

                           236,632

-74.30%

 Profit from operations

                       3,380,551

                       4,472,290

-24.41%

Finance cost

                        (251,172)

                           (28,369)

785.37%

Profit before income tax

                       3,129,379

                       4,443,921

-29.58%

Income tax credit/(expense)

                       1,270,405

                     (1,409,864)

 

Profit for the year

                       4,399,784

                       3,034,057

45.01%

Earnings per share - basic and diluted (Rupees)

                               38.42

                               26.49

45.04%

 

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