April 26, 2024 (MLN): Gharibwal Cement Limited (PSX: GWLC) reported a profit of Rs557.72 million [EPS: Rs1.39] during the quarter ended March 31, 2024, around 1.4% YoY higher compared to a profit of Rs550.07m [EPS: Rs1.37] recorded in the same quarter last year.
Going by the results, the company's top line shrank by 8.8% YoY to Rs4.23bn as compared to Rs4.64bn in SPLY.
Due to the company's efficient management of its cost to sell, the gross profit improved by 3.8% year-on-year to Rs1.19 billion in the first quarter of 2024.
Accordingly, the gross margins improved to 28.18% as compared to 24.77% in SPLY.
On the expense side, the company observed an increase in General and administrative expenses by 27.5% YoY and other expenses by 67.1% YoY to clock in at Rs180.15m and Rs67.49m respectively during the review period.
Meanwhile, GWLC's selling and distribution expenses also ticked up and were recorded at Rs23.42m during 1QCY24.
The company further reported an inflow through other income worth Rs7.66m in the quarter.
Finance costs dropped by 30.6% YoY and stood at Rs11.08m as compared to Rs15.96m in SPLY, despite higher interest rates.
On the tax front, the company paid a lower tax worth Rs360.31m against the Rs379.29m paid in the corresponding period of last year, depicting a fall of 5% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 4,231,397 | 4,638,106 | -8.77% |
| Cost of sales | (3,038,902) | (3,489,241) | -12.91% |
| Gross Profit/ (loss) | 1,192,495 | 1,148,865 | 3.80% |
| General and administrative expenses | (180,149) | (141,336) | 27.46% |
| Selling And Distribution Expenses | (23,419) | (21,810) | 7.38% |
| Other Income | 7,662 | – | – |
| Other Operating Expenses | (67,490) | (40,400) | 67.05% |
| Net finance costs | (11,077) | (15,959) | -30.59% |
| Profit/ (loss) before taxation | 918,022 | 929,360 | -1.22% |
| Taxation | (360,306) | (379,288) | -5% |
| Net profit/ (loss) for the period | 557,716 | 550,072 | 1.39% |
| Basic earnings/ (loss) per share | 1.39 | 1.37 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-26T16:25:36+05:00
