September 02, 2022 (MLN): Maple Leaf Cement Factory Limited (MLCF) has wrapped the financial year 2022 on a positive note whereby its consolidated profits stood at Rs4.55bn with an EPS of Rs4.15, up by 19% YoY when compared to Rs3.82bn recorded in the same period last year, the company filing on PSX showed today.
The top line witnessed an upsurge of 36.53% YoY mainly due to improvement in selling prices in the local market amid high inflationary impact on the cost side, especially fuel and power.
Resultantly, the gross margins of the company expanded by 3% to 27% in FY22 on improved retention prices, compared to 24% in FY21 as higher prices improved retention and offset the impact of the jump in coal prices tagged with PKR depreciation, and augmented energy cost, a report by Arif Habib Limited noted.
On the cost side, MLCF’s major expense head i.e., distribution cost swelled by 46.36% YoY to Rs1.48bn while administrative expenses and other charges surged by 19.18% YoY and 76.24% YoY, respectively.
Meanwhile, the other income saw a massive decline of 73% YoY, compared to Rs60.21mn in FY21.
On the other hand, the finance cost of the company increased by 25% YoY to Rs1.66bn owing to higher interest rates, and increased borrowings.
On the tax front, the effective tax rate during FY22 was 44% compared to 23% YoY in FY21. The surge is reflecting the implication of super tax.
|
Consolidated Financial Results for the year ended June 30, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-22 |
Jun-21 |
% Change |
|
Sales – net |
48,519,622 |
35,538,301 |
36.53% |
|
Cost of goods sold |
(35,280,283) |
(27,039,661) |
30.48% |
|
Gross profit |
13,239,339 |
8,498,640 |
55.78% |
|
Distribution cost |
(1,483,876) |
(1,013,851) |
46.36% |
|
Administrative expenses |
(977,472) |
(820,165) |
19.18% |
|
Other charges |
(1,040,516) |
(590,393) |
76.24% |
|
|
(3,501,864) |
(2,424,409) |
44.44% |
|
Other income |
60,209 |
223,015 |
-73.00% |
|
Profit from operations |
9,797,684 |
6,297,246 |
55.59% |
|
Finance cost |
(1,658,272) |
(1,327,203) |
24.94% |
|
Profit before taxation |
8,139,412 |
4,970,043 |
63.77% |
|
Taxation |
(3,586,287) |
(1,141,549) |
214.16% |
|
Profit after taxation |
4,553,125 |
3,828,494 |
18.93% |
|
Basic and diluted earnings per share (Rupees) |
4.15 |
3.49 |
18.91% |
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Posted on:2022-09-02T11:09:20+05:00
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