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DGKC delivers Rs1.05bn profit in 1HFY24

DGKC delivers Rs1.05bn profit in 1HFY24
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February 26, 2024 (MLN): D.G. Khan Cement Company Limited (PSX: DGKC) recorded an increase of 13.17% YoY in its unconsolidated profits in the first half of FY24, with the company's after-tax profits rising to Rs1.05 billion [EPS: Rs2.41], compared to a profit of Rs968.12m [EPS: Rs2.13] in the same period last year (SPLY).

Going by the results, the company's top line increased by 16.88% YoY to Rs34.78bn as compared to Rs29.76bn in SPLY.

The cost of sales also rose by 14.65% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 30.21% YoY to Rs5.54bn in 1HFY24.

The gross margins improved to 15.94% as compared to 14.30% in SPLY.

During the review period, other income inflated by 55.37% YoY to stand at Rs2.16bn in 1HFY24 as compared to Rs1.39bn in SPLY.

On the expense side, the company observed an increase in administrative expenses by 36.37% YoY while other expenses fell 22.26% YoY to clock in at Rs580.37m and Rs66.09m respectively during the review period.

The company’s finance cost rose by 28.48% YoY and stood at Rs4.12bn as compared to Rs3.2bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs688.38m against the Rs458.38m paid in the corresponding period of last year, depicting a rise of 50.18% YoY.

Unconsolidated (un-audited) Financial Results for half year ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 34,784,335 29,761,039 16.88%
Cost of sales (29,241,186) (25,504,030) 14.65%
Gross Profit 5,543,149 4,257,009 30.21%
Administrative Expenses (580,365) (425,590) 36.37%
Selling And Distribution Expenses (1,201,726) (508,843) 136.17%
Net impairment loss/gain on financial assets (36,464)
Other Income 2,163,395 1,392,412 55.37%
Other Expenses (66,090) (85,014) -22.26%
Finance Cost (4,115,667) (3,203,476) 28.48%
Profit before taxation 1,742,696 1,426,498 22.17%
Taxation (688,382) (458,378) 50.18%
Net profit for the period 1,054,314 931,656 13.17%
Basic earnings/ (loss) per share 2.41 2.13

Amount in thousand except for EPS

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Posted on: 2024-02-26T15:27:07+05:00