Kohat Cement's profit grows 19% YoY to Rs4.45bn in 1HFY24

February 14, 2024 (MLN): Kohat Cement Limited (PSX: KOHC) experienced a rise of 19.1% YoY in its earnings in 1HFY24, clocking in its profit after tax at Rs4.45 billion [EPS: Rs22.6], compared to a profit of Rs3.74bn [EPS: Rs18.62] in the same period last year (SPLY).

Going by the results, the company's top line marked an increase of 8.31% YoY to Rs21.46bn as compared to Rs19.81bn in SPLY.

Likewise, the cost of sales expanded by 10.08% YoY to Rs15.51bn. However, as the change was lower than the proportionate increase in sales, the gross profit improved by 3.97% YoY to Rs5.95bn in 1HFY24.

KOHC's earning was further boosted by the significant growth in other income that clocked in at Rs2.07bn, as compared to Rs800.31m recorded by the company in 1HFY23.

On the expense side, the company observed a rise in Selling and distribution expenses by 14.79% YoY and other expenses by 13.44% YoY to stand at Rs85.1m and Rs455m respectively during the review period.

The company's Administrative and general expenses were recorded at RsRs243.574m during the review period, reflecting a YoY growth of 25.12%.

The company’s finance costs increased by 11.99% YoY and stood at Rs383.47m as compared to Rs342.42m in 1HFY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.4bn against the Rs1.78bn paid in the corresponding period of last year, depicting a rise of 35.16% YoY.

Amount in thousand except for EPS

Copyright Mettis Link News