Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

Trending :

Maple Leaf Cement’s Q2 profit drops by 23.5%

MLCF increases its stake in AGL with major share acquisition
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

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

Posted on: 2024-02-21T09:58:15+05:00