Cherat Cement Q1 2024 profits dip slightly to Rs1.24bn

MG News | April 25, 2024 at 03:38 PM GMT+05:00

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April 25, 2024 (MLN): Cherat Cement Company Limited (PSX: CHCC) revealed its profits for the first quarter of 2024, wherein the profit after tax fell slightly to Rs1.24 billion [EPS: Rs6.40] compared to a profit of Rs1.27bn [EPS: Rs6.55] in the same period last year (SPLY).

Going by the results, the company's top line decreased by 7.1% YoY to Rs8.64bn as compared to Rs9.3bn in SPLY.

The cost of sales also fell 11.8% YoY, improving the gross profit by 6.3% YoY to Rs2.56bn in 1Q2024.

The gross margins increased to 29.62% as compared to 25.88% in SPLY.

During the period under review, other income fell by 40.8% YoY to stand at Rs139.5m in 1Q2024 as compared to Rs235.71m in SPLY.

On the expense side, the company observed a fall in administrative expenses by 2.2% YoY while other expenses rose 5.9% YoY to clock in at Rs112.22m and Rs111.63m respectively during the review period.

The company’s finance cost dipped by 22.5% YoY and stood at Rs321.47m as compared to Rs414.84m in SPLY.

On the tax front, the company paid a higher tax worth Rs700.45m against the Rs573.49m paid in the corresponding period of last year, depicting a rise of 22.1% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	8,639,594	9,299,028	-7.09%
Cost of sales	(6,080,784)	(6,892,023)	-11.77%
Gross Profit/ (loss)	2,558,810	2,407,005	6.31%
Administrative Expenses	(112,216)	(114,777)	-2.23%
Selling And Distribution Expenses	(208,508)	(162,102)	28.63%
Other Income	139,497	235,712	-40.82%
Other Operating Expenses	(111,628)	(105,373)	5.94%
Finance Cost	(321,472)	(414,837)	-22.51%
Profit/ (loss) before taxation	1,944,483	1,845,628	5.36%
Taxation	(700,451)	(573,494)	22.14%
Net profit/ (loss) for the period	1,244,032	1,272,134	-2.21%
Basic earnings/ (loss) per share	6	7	-%
	0.00	0.00	-

Amount in thousand except for EPS

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