Kohat Cement profit jumps over five times

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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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