CHCC FY24 profit rises 25%, declares reward

August 22, 2024 (MLN): Cherat Cement Company Limited (PSX: CHCC) saw its profit surge by 24.9% in the fiscal year 2024 (FY24), reporting earnings of Rs5.5 billion [EPS: Rs 28.31], compared to Rs4.4bn [EPS: Rs 22.67] in the same period last year (SPLY).

Along with the profit and loss statement, the board of the company has recommended a Final Cash Dividend of Rs4 per share.

This is in addition to the interim dividend already paid at Rs1.50 per share.

As per the results, the company's top line rose 2.8% YoY to Rs38.43bn as compared to Rs37.39bn in FY23.

The cost of sales fell by 2.4% YoY, which along with the sales jump improved the gross profit by 16.8% YoY to Rs11.84bn in FY24.

Accordingly, the gross margins improved to 30.8% as compared to 27.1% in SPLY.

On the expense side, the company's administrative expenses rose 14.8% YoY to Rs500.44m, selling and distribution expenses rose 25.4% YoY to Rs760.58m, and other operating expenses rose 28.07% YoY to Rs463.63m.

Despite this, CHCC's strong sales performance and controlled financial costs led to overall success during the fiscal year.

The company’s finance cost was down by 27.9% YoY and stood at Rs1.38bn as compared to Rs1.91bn in FY22.

On the tax front, the company paid a higher tax worth Rs3.63bn against the Rs2.82bn paid in the corresponding period of last year, depicting an increase of 28.6% YoY.

Amount in thousand except for EPS

Copyright Mettis Link News