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
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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