Bestway Cement's profit surges 69% in H1-FY24

February 19, 2025 (MLN): Bestway Cement Limited (PSX: BWCL) posted a profit after tax of Rs11.47 billion [EPS: Rs19.23] for the six-month period ended December 31, 2024, reflecting a significant 69.06% increase compared to Rs6.78bn [EPS: Rs11.38] in the corresponding period last year.

The company has declared an interim cash dividend of Rs8 per share, i.e., 80%.

The company’s revenue grew marginally by 1.35% year-on-year (YoY) to Rs55.6bn, up from Rs54.86bn in the same period of 2023.

However, the cost of sales declined by 10.02% YoY to Rs35.19bn, improving the company's gross profit by 29.58% YoY to Rs20.4bn.

On the expense side, selling and distribution expenses surged by 33.20% YoY to Rs812 million, while administrative expenses increased by 20.72% YoY to Rs914mn.

Additionally, other operating expenses rose sharply by 69.50% YoY to Rs959mn.

Despite higher expenses, the company's operating profit stood at Rs17.72 billion, marking a 28.27% YoY increase. Other income surged 56.76% YoY to Rs718 million, while finance costs declined by 19.29% YoY to Rs4.59 billion.

Bestway Cement also saw a significant boost in its share of profit from equity-accounted investees, which increased by 78.61% YoY to Rs3.94 billion.

The company's profit before tax stood at Rs17.79bn, reflecting a 64.91% YoY increase.

Meanwhile, the income tax expense rose by 57.86% YoY to Rs6.32bn.

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