Kohat Cement’s Q1 profits rise to Rs2.1bn
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MG News | April 25, 2024 at 01:41 PM GMT+05:00
April 25, 2024 (MLN): Kohat Cement Limited (PSX: KOHC) unveiled its profit and loss statement for the first quarter of 2024, wherein the profit after tax clocked in at Rs2.06 billion [EPS: Rs10.50] compared to a profit of Rs1.62bn [EPS: Rs8.08] in the same period last year (SPLY).
Going by the results, the company's top line dipped by 15.0% YoY to Rs8.51bn as compared to Rs10.01bn in SPLY.
However, the cost of sales also fell by 23.2% YoY, improving the gross profit by 13.7% YoY to Rs2.55bn in 1Q2024.
The gross margins improved to 29.93% as compared to 22.39% in SPLY.
Moreover, during the review period, other income surged by 99.1% YoY to stand at Rs1.08bn in 1Q2024 as compared to Rs541.34m in SPLY.
On the expense side, the company observed an increase in administrative expenses by 22.7% YoY and other expenses by 7.7% YoY to clock in at Rs117.73m and Rs177.39m respectively during the review period.
The company’s finance cost shrunk 10.3% YoY and stood at Rs151.34m as compared to Rs168.78m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs1.07bn against the Rs687.45m paid in the corresponding period of last year, depicting a rise of 55.4% YoY.
Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
---|---|---|---|
Mar 24 | Mar 23 | % Change | |
Sales | 8,510,437 | 10,010,223 | -14.98% |
Cost of sales | (5,963,497) | (7,769,120) | -23.24% |
Gross Profit/ (loss) | 2,546,940 | 2,241,103 | 13.65% |
Administrative Expenses | (117,733) | (95,956) | 22.69% |
Selling And Distribution Expenses | (52,597) | (41,722) | 26.06% |
Other Income | 1,077,763 | 541,338 | 99.09% |
Other Operating Expenses | (177,390) | (164,766) | 7.66% |
Finance Cost | (151,339) | (168,783) | -10.34% |
Profit/ (loss) before taxation | 3,125,644 | 2,311,214 | 35.24% |
Taxation | (1,067,991) | (687,449) | 55.36% |
Net profit/ (loss) for the period | 2,057,653 | 1,623,765 | 26.72% |
Basic earnings/ (loss) per share | 11 | 8 | -% |
0.00 | 0.00 | - |
Amount in thousand except for EPS
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