Cherat Cement records Rs3.4bn profit in 1HFY24, announces 15% DPS

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By MG News | February 16, 2024 at 12:22 PM GMT+05:00

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February 16, 2024 (MLN): Cherat Cement Company Limited (PSX: CHCC) experienced a rise of 11.95% YoY in its profits, earning a profit after tax of Rs3.4 billion [EPS: Rs17.51], compared to a profit of Rs3.04bn [EPS: Rs15.64] in the same period last year (SPLY).

The Board of Directors (BoD) has declared an interim cash dividend of Rs. 1.5 per share i.e. 15% to reward shareholders for this improved financial performance.

Going by the results, the company's top line expanded by 4.28% YoY to Rs20.29bn as compared to Rs19.46bn in SPLY.

The cost of sales also inched up by 0.84% YoY but as the rise was lesser than proportionate to sales growth, the gross profit of the company improved by 12.24% YoY to Rs6.61bn in 1HFY24.

On the expense side, the company observed a rise in Distribution costs by 23.26% YoY and other expenses by 19.83% YoY to clock in at Rs338.46m and Rs276.1m respectively during the review period.

Likewise, CHCC's administrative expenses went up by 23.54% YoY and were recorded at Rs258m in 1HFY24.

Further contributing to the company's profit, other income surged by 52.67% YoY to stand at Rs189.65m in 1HFY24 as compared to Rs124.22m in SPLY.

The company’s finance costs declined 19.01% YoY and stood at Rs810.55m as compared to Rs1bn in 1HFY23, despite higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.71bn against the Rs1.26bn paid in the corresponding period of last year, depicting a rise of 36.11% YoY.

Condensed Interim Financial Results for half year ended 31 December 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 20,291,050 19,457,412 4.28%
Cost of sales (13,684,329) (13,570,961) 0.84%
Gross Profit 6,606,721 5,886,451 12.24%
Distribution costs (338,462) (274,590) 23.26%
Administrative expenses (258,000) (208,837) 23.54%
Other Income 189,646 124,220 52.67%
Other expenses (276,100) (230,405) 19.83%
Finance cost (810,547) (1,000,753) -19.01%
Profit before taxation 5,113,258 4,296,086 19.02%
Taxation (1,711,886) (1,257,739) 36.11%
Net profit for the period 3,401,372 3,038,347 11.95%
Basic earnings/ (loss) per share 17.51 15.64 -

Amount in thousand except for EPS

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