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

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.

Amount in thousand except for EPS

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