April 25, 2024 (MLN): Maple Leaf Cement Factory Limited (PSX: MLCF) recorded a decrease of 24.8% YoY in its profitability in the first three months of 2024, clocking in its profit after tax at Rs1.13 billion [EPS: Rs1.05], compared to a profit of Rs1.5bn [EPS: Rs1.40] in the same period last year (SPLY).
Going by the results, the company's top line contracted by 6.2% YoY to Rs15.98bn as compared to Rs17.04bn in SPLY.
The cost of sales also fell by 9.8% YoY but was lesser than proportionate to sales decline, which worsoned the gross profit by 4.8% YoY to Rs4.44bn in 1Q2024.
The gross margins, however, improved to 27.78% as compared to 24.87% in SPLY.
During the review quarter, other income grew by 5x YoY to stand at Rs161.89m in 1Q2024 as compared to Rs32.28m in SPLY.
On the expense side, the company observed a rise in administrative expenses by 22.5% YoY while recuing other expenses by 91.2% YoY to clock in at Rs441.11m and Rs30.36m respectively during the review period.
The company’s finance cost went up by 88.1% YoY and stood at Rs936.43m as compared to Rs497.8m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs745.2m against the Rs765.93m paid in the corresponding period of last year, depicting a fall of 2.7% YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 15,980,112 | 17,038,267 | -6.21% |
| Cost of sales | (11,541,418) | (12,800,858) | -9.84% |
| Gross Profit/ (loss) | 4,438,694 | 4,237,409 | 4.75% |
| Administrative Expenses | (441,108) | (360,109) | 22.49% |
| Selling And Distribution Expenses | (1,315,905) | (800,353) | 64.42% |
| Other Income | 161,893 | 32,282 | 401.50% |
| Other Operating Expenses | (30,361) | (344,834) | -91.20% |
| Finance Cost | (936,425) | (497,796) | 88.11% |
| Profit/ (loss) before taxation | 1,876,788 | 2,266,599 | -17.20% |
| Taxation | (745,202) | (765,929) | -2.71% |
| Net profit/ (loss) for the period | 1,131,586 | 1,500,670 | -24.59% |
| Basic earnings/ (loss) per share | 1.05 | 1.40 | – |
Amount in thousand except for EPS
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Posted on: 2024-04-25T13:35:14+05:00
