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

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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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