Cherat Cement Q1 2024 profits dip slightly to Rs1.24bn
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MG News | April 25, 2024 at 03:38 PM GMT+05:00
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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