Gharibwal Cement quarterly earnings jump 31%
MG News | October 25, 2024 at 09:53 AM GMT+05:00
October 25, 2024 (MLN): Gharibwal Cement Limited (PSX: GWLC) on Friday reported a profit after tax of Rs535.08 million [EPS: Rs1.34] for the quarter ending September 2024.
That is up 31.1% compared to a profit of Rs408.22m [EPS: Rs1.02] in the same period last year (SPLY).
The increase comes despite the company's revenue falling slightly by 0.9% to Rs4.32bn as compared to Rs4.36bn in SPLY. That was because its cost of sales fell 9.9%, which improved the gross profit by 35.1% to Rs1.17bn in Q1 FY25.
The gross margins rose to 27.2% as compared to 19.9% in SPLY.
During the period under review, other income grew by 16.7% to stand at Rs81.48m in Q1 FY25 as compared to Rs69.81m in SPLY.
On the expense side, the company's administrative expenses rose 33.5% from a year ago to Rs218.06m, other operating expenses rose 32.0% to Rs65.59m, while selling and distribution expenses fell 6.2% to Rs18.81m.
The company’s finance cost grew by 66.4% and stood at Rs74.67m as compared to Rs44.86m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs342.1m against the Rs251.79m paid in the corresponding period of last year, depicting an increase of 35.9%.
This translates to an effective tax rate of 39.0% as compared to 38.1% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Sep 24 | Sep 23 | % Change | |
| Sales | 4,317,394 | 4,357,689 | -0.92% |
| Cost of sales | (3,144,560) | (3,489,594) | -9.89% |
| Gross Profit/ (loss) | 1,172,834 | 868,095 | 35.10% |
| Administrative Expenses | (218,064) | (163,305) | 33.53% |
| Selling And Distribution Expenses | (18,810) | (20,047) | -6.17% |
| Other Income | 81,478 | 69,807 | 16.72% |
| Other Operating Expenses | (65,592) | (49,679) | 32.03% |
| Finance Cost | (74,666) | (44,861) | 66.44% |
| Profit/ (loss) before taxation | 877,180 | 660,010 | 32.90% |
| Taxation | (342,101) | (251,788) | 35.87% |
| Net profit/ (loss) for the period | 535,079 | 408,222 | 31.08% |
| Basic earnings/ (loss) per share | 1.34 | 1.02 | - |
Amount in thousand except for EPS
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