Kohat Cement profit surges 54%

MG News | October 24, 2024 at 02:39 PM GMT+05:00
October 24, 2024 (MLN): Kohat Cement Limited (PSX: KOHC) recorded an increase of 54.3% in its profitability during the quarter ending September 2024, earning a profit after tax of Rs3.44 billion [EPS: Rs17.56], compared to a profit of Rs2.23bn [EPS: Rs11.25] in the same period last year (SPLY).
Going by the results, the company's top line marked a decline of 8.9% to Rs10.08bn as compared to Rs11.06bn in SPLY.
The cost of sales also fell by 26.4%, improving the gross profit by 33.6% to Rs4.31bn in Q1 FY25.
The gross margins rose to 42.8% as compared to 29.2% in SPLY.
During the period under review, other income jumped 70.1% to stand at Rs1.47bn in Q1 FY25 as compared to Rs864.51m in SPLY.
On the expense side, the company's administrative expenses rose 62.7% from a year ago to Rs180.78m, selling and distribution expenses rose 28.2% to Rs46.28m, and other operating expenses rose 15.0% to Rs281.8m.
The company’s finance cost contracted by 43.1% and stood at Rs115.62m as compared to Rs203.05m in SPLY.
On the tax front, the company paid a higher tax worth Rs1.72bn against the Rs1.27bn paid in the corresponding period of last year, depicting a rise of 35.6%.
This translates to an effective tax rate of 33.4% as compared to 36.3% in SPLY.
Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Sep 24 | Sep 23 | % Change | |
Sales | 10,083,701 | 11,064,118 | -8.86% |
Cost of sales | (5,770,152) | (7,834,895) | -26.35% |
Gross Profit/ (loss) | 4,313,549 | 3,229,223 | 33.58% |
Administrative Expenses | (180,782) | (111,127) | 62.68% |
Selling And Distribution Expenses | (46,280) | (36,103) | 28.19% |
Other Income | 1,470,640 | 864,506 | 70.11% |
Other Operating Expenses | (281,799) | (245,037) | 15.00% |
Finance Cost | (115,617) | (203,054) | -43.06% |
Profit/ (loss) before taxation | 5,159,710 | 3,498,408 | 47.49% |
Taxation | (1,720,853) | (1,269,010) | 35.61% |
Net profit/ (loss) for the period | 3,438,857 | 2,229,398 | 54.25% |
Basic earnings/ (loss) per share | 17.56 | 11.25 | - |
Amount in thousand except for EPS
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