Kohat Cement profit jumps over five times

MG News | September 05, 2024 at 02:06 PM GMT+05:00

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September 05, 2024 (MLN): Kohat Cement Limited (PSX: KOHC) recorded an increase of 420.4% in its profitability during the quarter ending June 2024 compared to last year despite a decline in sales revenue.

The company made a profit after tax of Rs2.38 billion [EPS: Rs12.16], compared to a profit of Rs457.88 million [EPS: Rs2.28] in the same period last year (SPLY).

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

Going by the results, the company's sales went down by 4.6% to Rs8.68bn as compared to Rs9.1bn in SPLY.

However, the cost of sales also fell by 10.7%, improving the gross profit by 11.8% to Rs2.75bn in Q4 FY24.

The gross margins increased to 31.8% as compared to 27.1% in SPLY.

During the period under review, other income jumped 76.1% to stand at Rs1.31bn in Q4 FY24 as compared to Rs744.16m in SPLY.

On the expense side, the company's administrative expenses rose 20.0% from a year ago to Rs126.74m, while selling and distribution expenses fell 1.2% to Rs59.56m.

The company’s finance cost decreased by 37.8% and stood at Rs142.57m as compared to Rs229.1m in SPLY.

On the tax front, the company paid a lower tax worth Rs1.41bn against the Rs2.18bn paid in the corresponding period of last year, depicting a decrease of 35.3%.

This translates to an effective tax rate of 37.2% as compared to 82.7% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	8,675,602	9,097,060	-4.63%
Cost of sales	(5,920,845)	(6,632,875)	-10.73%
Gross Profit/ (loss)	2,754,757	2,464,185	11.79%
Administrative Expenses	(126,737)	(105,602)	20.01%
Selling And Distribution Expenses	(59,559)	(60,266)	-1.17%
Other Income	1,310,339	744,162	76.08%
Other Operating Expenses	60,445	(170,645)	-
Finance Cost	(142,568)	(229,102)	-37.77%
Profit/ (loss) before taxation	3,796,678	2,642,732	43.66%
Taxation	(1,414,084)	(2,184,857)	-35.28%
Net profit/ (loss) for the period	2,382,594	457,875	420.36%
Basic earnings/ (loss) per share	12.16	2.28	-

Amount in thousand except for EPS

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