April 19, 2024 (MLN): D.G. Khan Cement Company Limited (PSX: DGKC) reported its profit and loss statement for the first quarter of 2024, wherein the profit after tax clocked in at Rs1.18 billion [EPS: Rs2.69] the same as the profit earned in the same period last year (SPLY).
Going by the unconsolidated results, the company's top line decreased by 22.0% YoY to Rs14.27bn as compared to Rs18.28bn in SPLY.
However, the cost of sales also fell 28.2% YoY, improving the gross profit by 4.7% YoY to Rs3.64bn in 3QFY24.
The gross margins improved to 25.54% as compared to 19.04% in SPLY.
During the review period, other income increased by 34.0% YoY to stand at Rs1.01bn in 3QFY24 as compared to Rs756.27m in SPLY.
On the expense side, the company observed a rise in administrative expenses by 40.0% YoY and other expenses by 22.7% YoY to clock in at Rs307.12m and Rs57.76m respectively during the review period.
The company’s finance cost rose by 17.0% YoY and stood at Rs1.96bn as compared to Rs1.67bn in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs740.31m against the Rs586.32m paid in the corresponding period of last year, depicting an increase of 26.3% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 14,266,487 | 18,282,317 | -21.97% |
| Cost of sales | (10,622,580) | (14,801,852) | -28.23% |
| Gross Profit | 3,643,907 | 3,480,465 | 4.70% |
| Administrative Expenses | (307,122) | (219,382) | 39.99% |
| Selling And Distribution Expenses | (414,496) | (539,326) | -23.15% |
| Other Income | 1,013,198 | 756,267 | 33.97% |
| Other Operating Expenses | (57,756) | (74,672) | -22.65% |
| Finance Cost | (1,957,116) | (1,673,007) | 16.98% |
| Profit before taxation | 1,920,615 | 1,766,809 | 8.71% |
| Taxation | (740,309) | (586,321) | 26.26% |
| Net profit for the period | 1,180,306 | 1,180,488 | -0.02% |
| Basic earnings/ (loss) per share | 2.69 | 2.69 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-19T15:12:06+05:00
