October 02, 2024 (MLN): Dewan Cement Limited (PSX: DCL) posted a 46.8% lower profit after tax of Rs91.46 million [EPS: Rs0.19] during the quarter ending June 2024 despite a notable improvement in gross margins.
That compares to a profit of Rs172m [EPS: Rs0.36] earned in the same period last year (SPLY).
For the full financial year 2024, the cement manufacturer incurred a net loss of Rs509.71m [LPS: Rs1.05] compared to a loss of Rs586.31m [LPS: Rs1.21] in FY23.
Going by the quarterly results, the company's top line increased by 3.4% to Rs5.32bn. The gross profit surged by 106.5% to Rs294.81m in Q4 FY24.
The gross margins rose to 5.5% as compared to 2.8% in SPLY.
The company's other income plunged 92.8% to Rs29.82m.
On the expense side, Dewan Cmenet's administrative expenses fell 10.2% from a year ago to Rs125.9m, while selling and distribution expenses rose 21.6% to Rs42.06m.
The company’s finance cost decreased by 45.5% and stood at Rs8.01m as compared to Rs14.69m in SPLY.
On the tax front, the company paid a substantially lower tax worth Rs50.23m against the Rs292.25m paid in the corresponding period of last year, depicting a decrease of 82.8%.
This translates to an effective tax rate of 35.4% as compared to 63.0% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 5,320,014 | 5,143,473 | 3.43% |
| Cost of sales | (5,025,202) | (5,000,671) | 0.49% |
| Gross Profit/ (loss) | 294,812 | 142,802 | 106.45% |
| Administrative Expenses | (125,896) | (140,205) | -10.21% |
| Selling And Distribution Expenses | (42,060) | (34,580) | 21.63% |
| Other Income | 29,823 | 413,128 | -92.78% |
| Other Operating Expenses | (6,981) | 97,794 | – |
| Finance Cost | (8,008) | (14,692) | -45.49% |
| Profit/ (loss) before taxation | 141,690 | 464,247 | -69.48% |
| Taxation | (50,226) | (292,251) | -82.81% |
| Net profit/ (loss) for the period | 91,464 | 171,996 | -46.82% |
| Basic earnings/ (loss) per share | 0.19 | 0.36 | – |
Amount in thousand except for EPS
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Posted on: 2024-10-02T09:57:18+05:00
