DG Khan Cement's net earnings topple on account of shooting finance cost
By MG News | April 24, 2019 at 01:14 PM GMT+05:00
April 24, 2019 (MLN): DG Khan Cement Company (DGKC)’s nine months’ cumulative earnings have logged in at Rs.2.5 billion (EPS: Rs.5.71) marking a 47% decline in net earnings for the period ended March 31, 2019, as compared to the corresponding period of last year.
Against the backdrop of a weakened economy, the drop in net profit can be attributed to considerable year-on-year depreciation in the value of PKR, the rise in gas tariff, 20% YoY rise in FED and higher finance cost owing to the capitalization of Hub Plant.
The company’s topline earnings (Rs.32.6 billion) grew by 28% over the year, but when coupled with the heightened sales cost worth Rs.27.4 billion, the company’s gross profit declined by 28%, YoY.
A considerable enhancement in finance cost which stands at Rs.2.5 billion against last year’s figure of Rs.339 million, has played a major part in weighing down the overall earnings of DGKC.
| Consolidated Profit and Loss Account for the nine months ended March 31, 2019 ('000 Rupees) | |||
|---|---|---|---|
|
| Mar-19 | Mar-18 | % Change |
| Sales | 32,609,651 | 25,395,325 | 28.41% |
| Cost of sales | (27,419,503) | (18,149,001) | 51.08% |
| Gross profit | 5,190,148 | 7,246,324 | -28.38% |
| Administrative expenses | (545,122) | (514,243) | 6.00% |
| Selling and distribution expenses | (1,025,500) | (706,839) | 45.08% |
| Other operating expenses | (639,200) | (824,907) | -22.51% |
| Other income | 1,823,001 | 1,659,492 | 9.85% |
| Profit / (loss) from operations | 4,803,327 | 6,859,827 | -29.98% |
| Finance cost | (2,457,596) | (339,008) | 624.94% |
| Profit befor taxation | 2,345,731 | 6,520,819 | -64.03% |
| Taxation | 155,037 | (1,780,216) | -108.71% |
| Profit after taxation | 2,500,768 | 4,740,603 | -47.25% |
| Earnings per share - basic and diluted (Rupees) | 5.71 | 10.82 | -47.23% |
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