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

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

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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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