Cherat Cement profit soars 88% in Q1

By MG News | Category Q32024 | October 28, 2024 at 03:50 PM GMT+05:00

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October 28, 2024 (MLN): Pakistan’s cement manufacturer Cherat Cement Company Limited (PSX: CHCC) saw its first-quarter profit grow by 87.7% to Rs2.88 billion [EPS: Rs14.81] amid higher margins and significantly lower taxes.

Its shares rose 4% on Monday.

The company paid an effective tax rate of 18.3% during the quarter as compared to 32.8% in SPLY.

Its revenue dipped 4.1% to Rs9.66bn during the quarter ending September 2024 as compared to Rs10.07bn in SPLY.

However, cost of sales also fell 17.3%, improving the gross profit by 25.9% to Rs3.87bn in Q1 FY25.

The gross margins rose to 40.0% as compared to 30.5% in SPLY.

During the period under review, other income expanded 624.1% to stand at Rs348.42m in Q1 FY25 as compared to Rs48.12m in SPLY.

On the expense side, the company's administrative expenses rose 16.2% from a year ago to Rs148.89m, selling and distribution expenses rose 27.0% to Rs207.87m, and other operating expenses rose 46.7% to Rs180.19m.

The company’s finance cost fell by 63.4% and stood at Rs155.21m as compared to Rs424.53m in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	9,659,012	10,071,489	-4.10%
Cost of sales	(5,792,199)	(6,999,807)	-17.25%
Gross Profit/ (loss)	3,866,813	3,071,682	25.89%
Administrative Expenses	(148,889)	(128,174)	16.16%
Selling And Distribution Expenses	(207,870)	(163,661)	27.01%
Other Income	348,418	48,120	624.06%
Other Operating Expenses	(180,192)	(122,869)	46.65%
Finance Cost	(155,209)	(424,534)	-63.44%
Profit/ (loss) before taxation	3,523,071	2,280,564	54.48%
Taxation	(645,211)	(747,503)	-13.68%
Net profit/ (loss) for the period	2,877,860	1,533,061	87.72%
Basic earnings/ (loss) per share	14.81	7.89	-

Amount in thousand except for EPS

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