Dewan Cement cuts losses by over 50% in 1HFY24
MG News | February 27, 2024 at 10:21 AM GMT+05:00
February 27, 2024 (MLN): Dewan Cement Limited (PSX: DCL) reduced its losses by 53.21% YoY in 1HFY24, reporting a loss after tax of Rs341.76 million [LPS: Rs0.71], compared to a loss of Rs730.38m [LPS: Rs1.51] in the same period last year (SPLY).
Going by the results, the company's top line expanded by 26.76% YoY to Rs11.63bn as compared to Rs9.17bn in SPLY.
The cost of sales also rose to Rs11.4bn in 1HFY24 as compared to Rs9.28bn in SPLY, but on the back of better gross margins, the company earned a gross profit of Rs228.7m.
During the review period, other income grew by 2.66x YoY to stand at Rs12.46m in 1HFY24 as compared to Rs4.68m in SPLY.
On the expense side, the company observed an increase in administrative expenses by 27.80% YoY while slashing other expenses by 96.17% YoY to clock in at Rs520.69m and Rs1.48m respectively during the review period.
The company’s finance cost marked a decline of 30.99% YoY and stood at Rs8.94m as compared to Rs12.95m in SPLY.
On the taxation front, the company paid a tax worth Rs20m as against a tax credit received in the same period of last year.
| Unconsolidated (un-audited) Financial Results for half ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 11,628,347 | 9,173,707 | 26.76% |
| Cost of sales | (11,399,668) | (9,282,687) | 22.81% |
| Gross Profit | 228,679 | (108,980) | - |
| Administrative Expenses | (520,689) | (407,417) | 27.80% |
| Distribution Cost | (71,797) | (68,698) | 4.51% |
| Other Income | 12,455 | 4,680 | 166.13% |
| Other Operating Expenses | (1,476) | (38,520) | -96.17% |
| Finance Cost | (8,935) | (12,947) | -30.99% |
| Profit before taxation | (361,763) | (631,882) | -42.75% |
| Taxation | 20,002 | (98,501) | - |
| Net profit for the period | (341,761) | (730,383) | -53.21% |
| Basic earnings/ (loss) per share | (0.71) | (1.51) | - |
Amount in thousand except for EPS
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