Kohat Cement witnesses 5.7x increase in quarterly profits

MG News | October 26, 2020 at 04:56 PM GMT+05:00

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October 26, 2020 (MLN): Kohat Cement Company Limited has witnessed whopping 5.75x increase in net profits to Rs 507 million for the quarter ended on September 2020, compared to the profits of Rs 88 million earned in the same quarter last year.

The earnings per share of the company exhibited an increase of 472% YoY from Rs 0.44 to Rs 2.52.

The topline of the company depicted a jump of 73% YoY to Rs 5.17 billion owing to 71% YoY increase in offtake to 905k tons and recovery in retention prices.

The Gross margins clocked in at 19%, marking a growth of 15ppts mainly attributable to strong topline growth as well as soft coal prices which offset the impact of PKR depreciation, higher energy tariffs and costs associated with the new plant, said a report by Arif Habib Limited.

On the cost side, the company witnessed 18x increase in finance cost which put a limit to company’s profitability.

On the tax front, the company booked an affective tax rate at 27% which was 2ppts higher than the effective tax rate recorded in the corresponding quarter last year.

Profit and Loss Account for the Quarter ended September 30, 2020 (Rupees)
	Sep-20	Sep-19	% Change
Sales - net	5,174,169,104	2,993,547,135	72.84%
Cost of goods sold	(4,215,645,574)	(2,877,735,775)	46.49%
Gross profit/ (loss)	958,523,530	115,811,360	727.66%
Selling and distribution expenses	(17,439,175)	(16,143,365)	8.03%
Administrative and general expenses	(73,261,401)	(59,714,666)	22.69%
Other operating income	16,868,265	102,252,686	-83.50%
Other expenses	(49,944,965)	(16,277,113)	206.84%
	(123,777,276)	10,117,542	-1323.39%
Operating profit/ (loss)	834,746,254	125,928,902	562.87%
Finance cost	(138,276,628)	(7,796,949)	1673.47%
Profit/ (loss)before taxation	696,469,626	118,131,953	489.57%
Taxation	(189,382,834)	(29,967,380)	531.96%
Profit after taxation	507,086,792	88,164,573	475.16%
Earnings/(loss) per share - basic and diluted (Rupees)	2.52	0.44	472.73%

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