Cherat Cement profit soars 88% in Q1
MG News | October 28, 2024 at 03:50 PM GMT+05:00
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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