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DGKC 3QFY24 profit remains steady despite sales drop

DGKC 3QFY24 profit remains steady despite sales drop
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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