CHCC’s earnings set in stone with 28% YoY rise in net profits in 1HFY23

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MG News | February 15, 2023 at 01:58 PM GMT+05:00

February 15, 2023 (MLN): The net profits of Cherat Cement Limited (CHCC) for the period of six months ended on December 31, 2022, have soared by 28.2% YoY to stand at Rs3.04 billion (EPS: Rs15.64), compared to Rs2.36bn profit recorded in 1HFY22.

The financial statement sent to PSX further revealed that the company witnessed robust growth in topline as it went up by 31.66% YoY to Rs19.45bn while the cost of sales increased by 27.78% YoY. Resultantly, the gross margins improved from 28.14% to 30.25% during 1HFY23.

Drilling further, the other income of the company witnessed a sharp decline of 57% YoY to lock in at Rs124mn in 1HFY23.

On the cost front, the distribution and administrative expenses surged by 13.15% YoY and 24.41% YoY to stand at Rs274.59mn and Rs208.83mn, respectively.

Meanwhile, the finance cost of the company ballooned by 66.70% YoY to Rs1bn on the back of a hike in interest rate.

During the period, the company paid Rs1.26bn in terms of taxation, up by 46% YoY compared to Rs861.02mn paid in 1HFY22.

Financial results for the half year ended December 31, 2022 ('000 Rupees)

 

Dec-22

Dec-21

% Change

Turnover - net

                       19,457,412

14,778,715

31.66%

Cost of sales

                         (13,570,961)

                    (10,620,716)

27.78%

Gross profit

                             5,886,451

4,157,999

41.57%

Distribution costs

                               (274,590)

                          (242,678)

13.15%

Administrative expenses

                               (208,837)

                          (167,868)

24.41%

Other expenses

                               (230,405)

                          (204,782)

12.51%

Other income

                                 124,220

288,645

-56.96%

Operating profit

                             5,296,839

                        3,831,316

38.25%

Finance costs

                           (1,000,753)

                          (600,330)

66.70%

Profit before taxation

                             4,296,086

                        3,230,986

32.97%

Taxation

                           (1,257,739)

                          (861,024)

46.07%

Net profit for the period

                             3,038,347

                        2,369,962

28.20%

Earnings per share - basic and diluted (Rupees)

                                      15.64

12.2

28.20%

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