February 19, 2021 (MLN): The Board of Directors of Dera Ghazi Khan Cement (DGKC), in its meeting held on Friday, February 19, 2021, has decided to evaluate the capacity of the brown field cement plant at Muza Khfli Sattai, Dera Ghazi Khan, ranging between 9,000 TPD to 12,000 TPD, after getting permission from Government of Punjab.
Besides, the board announced the financial results for the half-year ended December 31, 2020, wherein the company posted a Profit After Tax of Rs. 1.01 billion (EPS: 2.31), as compared to a loss of Rs. 946 million (LPS: 2.16) reported in the same period of last year.
The turnaround in the company’s performance was brought about by an improvement in sales by 4.6% due to an increase in cement prices, as well as a decline in cost of sales by 7.5% due to lower FED. The company also saw a reversal of impairment losses on financial assets amounting to Rs. 30.8 million, which further helped in lifting the performance.
A minor change of 1.7% was witnessed in selling and distribution expense due to a fall in exports made by the company during the said period.
Similarly, finance cost plunged by 19.6% due to a fall in the company’s debt as well as lower interest rates.
|
Consolidated Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-20 |
Dec-19 |
% Change |
|
|
Sales |
23,664,935 |
22,623,283 |
4.6% |
|
Cost of sales |
(19,887,854) |
(21,495,346) |
-7.5% |
|
Gross profit |
3,777,081 |
1,127,936 |
234.9% |
|
Administrative expenses |
(351,706) |
(396,666) |
-11.3% |
|
Selling and distribution expenses |
(993,687) |
(1,011,197) |
-1.7% |
|
Net impairment losses on financial assets |
(50,200) |
||
|
Reversal of impairment losses on financial assets |
30,888 |
||
|
Other expenses |
(137,633) |
(124,944) |
10.2% |
|
Changes in fair value of biological assets |
179,384 |
153,367 |
17.0% |
|
Other income |
363,891 |
1,223,178 |
-70.3% |
|
Finance cost |
(1,636,465) |
(2,711,293) |
-39.6% |
|
Profit/(loss) before taxation |
1,231,753 |
(1,789,819) |
|
|
Taxation |
(219,645) |
843,781 |
|
|
Profit/(loss) for the period |
1,012,108 |
(946,038) |
|
|
Earnings per share |
2.31 |
-2.16 |
|
Copyright Mettis Link News
39817
