September 07, 2023 (MLN): Maple Leaf Cement Factory Limited (PSX: MLCF) witnessed an increase in profitability in FY23, up by 26.74% YoY. The company achieved a noteworthy profit after tax of Rs5.77 billion, equivalent to an earnings per share (EPS) of Rs5.38.
This impressive performance stands in stark contrast to the previous year, with FY22 seeing a profit of Rs4.55bn and an EPS of Rs4.15.
Going by the results, the company's top line inflated by 27.94% YoY to Rs62.08bn as compared to Rs48.52bn in the previous year.
The cost of sales also rose by 26.02% YoY but was less than proportionate to sales increase, which improved the gross profit by 33.04% YoY to Rs17.61bn in FY23.
During the review period, other income skyrocketed by 2.45x YoY to stand at Rs147.32 million in FY23 as compared to Rs60.21m in FY22.
On the expense side, the company observed a rise in distribution cost by 34.88% YoY and other charges by 31.82% YoY to clock in at Rs2bn and Rs1.09bn respectively during the review period.
The company’s finance costs rose by 43.57% YoY and stood at Rs2.38bn as compared to Rs1.66bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs4.92bn against the Rs3.59bn paid in the corresponding period of last year, depicting an increase of 37.27% YoY.
| Consolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 62,075,259 | 48,519,622 | 27.94% |
| Cost of sales | (44,461,714) | (35,280,283) | 26.02% |
| Gross Profit | 17,613,545 | 13,239,339 | 33.04% |
| Distribution cost | (2,001,499) | (1,483,876) | 34.88% |
| Administrative expenses | (1,398,611) | (977,472) | 43.08% |
| Net impairment loss on financial assets | (191,421) | (209,920) | -8.81% |
| Other Income | 147,320 | 60,209 | 144.68% |
| Other charges | (1,094,867) | (830,596) | 31.82% |
| Finance cost | (2,380,827) | (1,658,272) | 43.57% |
| Profit before taxation | 10,693,640 | 8,139,412 | 31.38% |
| Taxation | (4,922,878) | (3,586,287) | 37.27% |
| Net profit for the period | 5,770,762 | 4,553,125 | 26.74% |
| Basic earnings/ (loss) per share | 5.38 | 4.15 | – |
Amount in thousand except for EPS
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Posted on: 2023-09-07T10:09:45+05:00
