Kohat Cement board approves Rs600m investment renewal in Ultra Kraft

By MG News | Category Equity | September 05, 2024 at 03:35 PM GMT+05:00

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September 05, 2024 (MLN): The Board of Directors of Kohat Cement Company Limited (PSX: KOHC) has approved the renewal of an investment through a mark-up bearing, short-term running finance of up to Rs600 million in Ultra Kraft (Private) Limited (UKPL), an associated company.

Additionally, the board has recommended that the company's members approve the purchase or buy-back of up to 12 million of its own issued ordinary shares, to be funded from the company’s distributable profits or reserves.

The company disclosed price-sensitive information regarding its financial results today.

Notably, KOHC recorded a remarkable growth of 420.4% in its profitability during the quarter ending June 2024 compared to last year despite a decline in sales revenue.

The increase was largely led by an improvement in gross margins, a surge in its other income, and a significantly lower tax rate.

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