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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Posted on: 2024-09-05T14:06:00+05:00
