October 30, 2023 (MLN): D.G. Khan Cement Company Limited (PSX: DGKC) experienced a rise of 56.29% YoY in its profitability in the first quarter of FY24, clocking in its profit after tax at Rs725.08 million [EPS: Rs1.59], compared to a profit of Rs463.93m [EPS: Rs0.96] in the same period last year (SPLY).
Going by the results, the company's top line went up by 20% YoY to Rs17.62bn as compared to Rs14.69bn in SPLY.
The cost of sales also rose by 14% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 53.35% YoY to Rs3.39bn in 1QFY24.
Moreover, during the review period, other income rose by 28.68% YoY to stand at Rs866.21m in 1QFY24 as compared to Rs673.14m in SPLY.
On the expense side, the company observed a rise in administrative expenses by 28.41% YoY and other expenses by 29.05% YoY to clock in at Rs318.58m and Rs81.37m respectively during the review period.
The company’s finance costs increased by 35.14% YoY and stood at Rs2.26bn as compared to Rs1.67bn in 1QFY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs480.33m against the Rs216.11m paid in the corresponding period of last year, depicting a rise of 122.26% YoY.
| Consolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 17,624,124 | 14,692,711 | 19.95% |
| Cost of sales | (14,235,003) | (12,482,690) | 14.04% |
| Gross Profit | 3,389,121 | 2,210,021 | 53.35% |
| Administrative expenses | (318,580) | (248,097) | 28.41% |
| Selling and distribution expenses | (510,293) | (333,966) | 52.80% |
| Changes in fair value of biological assets | 115,935 | 111,142 | 4.31% |
| Other Income | 866,210 | 673,142 | 28.68% |
| Other expenses | (81,371) | (63,056) | 29.05% |
| Finance cost | (2,255,621) | (1,669,153) | 35.14% |
| Profit before taxation | 1,205,401 | 680,033 | 77.26% |
| Taxation | (480,326) | (216,106) | 122.26% |
| Net profit for the period | 725,075 | 463,927 | 56.29% |
| Basic earnings/ (loss) per share | 1.59 | 0.96 | – |
Amount in thousand except for EPS
DGKC and KSE100 YTD Performance
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Posted on: 2023-10-30T10:55:31+05:00
