October 30, 2023 (MLN): Kohat Cement Limited (PSX: KOHC) experienced an increase of 24.89% YoY in its profitability, clocking in its profit after tax at Rs2.23 billion [EPS: 11.25], as compared to Rs1.79bn [EPS: 8.89] profit reported in the Same Period Last Year (SPLY).
Going by the results, the company's top line increased by 24.98% YoY to Rs11.06bn as compared to Rs8.85bn in SPLY.
The cost of sales also went up by 28.82% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 16.54% YoY to Rs3.23bn in 3QCY23.
On the expense side, the company observed an increase in Sales and distribution expenses by 10.74% YoY and other expenses by 29.53% YoY to clock in at Rs36.1m and Rs245.04m respectively during the review period.
Similarly, KOHC's administrative expenses went up by 19.65% YoY to Rs111.13m reported during 3QCY23.
The profit and loss statement further shows that the other income soared by 2.36x YoY to stand at Rs864.51m in 3QCY23 as compared to Rs366.97m in SPLY.
The company’s finance costs also ticked up by 17.62% YoY and stood at Rs203.05m as compared to Rs172.64m in 3QCY22, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs1.27bn against the Rs865.41m paid in the corresponding period of last year, depicting a rise of 46.64% YoY.
| Condensed Interim Financial Results for the Quarter ended 30 September 2023 | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 11,064,117,813 | 8,852,817,319 | 24.98% |
| Cost of sales | (7,834,894,725) | (6,082,021,852) | 28.82% |
| Gross Profit | 3,229,223,088 | 2,770,795,467 | 16.54% |
| Sales and distribution expenses | (36,102,823) | (32,601,866) | 10.74% |
| Administrative and general expenses | (111,126,545) | (92,874,077) | 19.65% |
| Other Income | 864,505,921 | 366,968,685 | 135.58% |
| Other expenses | (245,037,407) | (189,178,460) | 29.53% |
| Finance cost | (203,054,071) | (172,638,170) | 17.62% |
| Profit before tax | 3,498,408,163 | 2,650,471,579 | 31.99% |
| Taxation | (1,269,010,090) | (865,409,495) | 46.64% |
| Net profit for the period | 2,229,398,073 | 1,785,062,084 | 24.89% |
| Basic and diluted earnings/ (loss) per share | 11.25 | 8.89 | – |
KOHC and KSE-100 YTD Performance
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Posted on: 2023-10-30T11:58:11+05:00
