Maple Leaf Cement’s Q2 profit drops by 23.5%

News Image

MG News | February 21, 2024 at 09:58 AM GMT+05:00

0:00

February 21, 2024 (MLN): Maple Leaf Cement Factory Limited (PSX: MLCF) revealed its earnings for the second quarter of fiscal year 2024, wherein the profit after tax clocked in at Rs2.24 billion [EPS: Rs2.09].

This marks a decrease from the profit of Rs2.93bn and EPS of Rs2.72 in the same period last year (SPLY), a fall of 23.44% YoY.

Going by the results, the company's top line increased by 4.93% YoY to Rs18.07bn as compared to Rs17.22bn in SPLY.

The cost of sales also rose by 4.76% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 5.24% YoY to Rs6.38bn in 2QFY24.

The gross margins improved slightly to 35.32% as compared to 35.21% in SPLY.

During the review period, other income inflated by 36.07% YoY to stand at Rs70.61m in 2QFY24 as compared to Rs51.89m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 83.20% YoY and other expenses by 15.43% YoY to clock in at Rs576.47m and Rs302.07m respectively during the review period.

Moreover, the net impairment losses on financial assets rose three-fold to Rs90m during the quarter.

The company’s finance costs went up by 75.15% YoY and stood at Rs915.57m as compared to Rs522.72m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs681.54m against the Rs1.16bn paid in the corresponding period of last year, depicting a fall of 41.35% YoY.

Consolidated (un-audited) Financial Results for quarter ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 18,073,009 17,224,025 4.93%
Cost of sales (11,690,486) (11,159,463) 4.76%
Gross Profit 6,382,523 6,064,562 5.24%
Administrative expenses (576,471) (314,668) 83.20%
Distribution cost (1,644,449) (895,538) 83.63%
Net impairment losses on financial assets (90,000) (30,000) 200.00%
Other Income 70,608 51,890 36.07%
Other expenses (302,073) (261,705) 15.43%
Finance cost (915,573) (522,722) 75.15%
Profit before taxation 2,924,565 4,091,819 -28.53%
Taxation (681,543) (1,162,036) -41.35%
Net profit for the period 2,243,022 2,929,783 -23.44%
Basic earnings/ (loss) per share  2.09 2.72 -

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 163,806.22
500.44M
-0.39%
-638.50
ALLSHR 99,845.79
1,977.49M
-0.42%
-417.42
KSE30 50,123.85
153.24M
-0.68%
-343.31
KMI30 238,530.50
71.49M
-0.36%
-850.63
KMIALLSHR 65,898.10
543.80M
-0.37%
-245.35
BKTi 46,380.96
92.15M
-0.49%
-229.01
OGTi 31,857.40
12.33M
-1.20%
-387.93
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 106,415.00 109,470.00
103,745.00
-2030.00
-1.87%
BRENT CRUDE 60.85 61.11
60.14
-0.21
-0.34%
RICHARDS BAY COAL MONTHLY 80.50 0.00
0.00
-0.75
-0.92%
ROTTERDAM COAL MONTHLY 93.50 93.50
93.50
0.35
0.38%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 56.86 57.09
56.15
-0.13
-0.23%
SUGAR #11 WORLD 15.74 15.88
15.65
-0.06
-0.38%

Chart of the Day


Latest News
October 17, 2025 at 04:45 PM GMT+05:00

Govt to spend Rs30bn to upgrade industrial estates


October 17, 2025 at 04:14 PM GMT+05:00

PKR strengthens 1.21 paisa against USD


October 17, 2025 at 04:01 PM GMT+05:00

Pakistani Shariah-Compliant Insurer plans $3.9m IPO


October 17, 2025 at 04:00 PM GMT+05:00

Sindh Govt unveils major Rs56bn wheat support plan


October 17, 2025 at 03:52 PM GMT+05:00

Pakistan opens 5th Africa trade conference in Addis Ababa



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg