Bestway Cement delivers a disappointing financial performance in FY19

MG News | August 09, 2019 at 02:24 PM GMT+05:00

0:00

August 9, 2019 (MLN): The Board of Directors of Bestway Cement Limited held its meeting on Thursday, wherein they discussed and announced the financial results for the year ended June 30, 2019.

As per the official document sent to Pakistan Stock Exchange, the company has earned a net profit of Rs. 10 billion for the stated period, exhibiting a decline of 23% as compared to the earnings of same period of last year. Resultantly, the Earnings per share of the company stood at Rs. 1.93.

The decline in bottom-line earnings was a consequence of higher increase in cost of sales than net turnover. While the fall in major expense heads of the company provided some respite, the increase in net finance costs by 149% significantly dented the financial results.

On top of that, the income tax expense registered an increase of 74%, which further contributed to the company’s disappointing performance.

The company also announced a final Cash Dividend of Rs. 3 per share, i.e. 30%. This is in addition to the Interim Dividend already paid at Rs. 8 per share, i.e. 80%.

Financial Results for the year ended June 30, 2019 ('000 Rupees)
	Jun-19	Jun-18	% Change
Gross turnover	79,000,314	77,119,557	2.44%
Rebates and discounts	(2,354,731)	(2,277,695)	3.38%
Sales tax and excise duty	(23,044,071)	(21,958,195)	4.95%
Net turnover	53,601,512	52,883,667	1.36%
Cost of Sales	(37,556,552)	(33,928,169)	10.69%
Gross profit	16,044,960	18,955,498	-15.35%
Other income	122,211	169,967	-28.10%
Selling and distribution expenses	(1,339,086)	(1,627,168)	-17.70%
Administrative expenses	(711,411)	(2,063,232)	-65.52%
Other expenses	(826,752)	(1,217,711)	-32.11%
Operating profit	13,289,922	14,217,354	-6.52%
Net finance costs	(1,498,473)	(600,435)	149.56%
Share of profit of equity-accounted investees, net of tax	1,454,101	1,347,545	7.91%
Profit before tax	13,245,550	14,964,464	-11.49%
Income tax expense	(3,148,265)	(1,806,758)	74.25%
Profit	10,097,285	13,157,706	-23.26%
Earnings per share - basic and diluted (Rupees)	16.93	22.07	-23.29%

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