MLCF rakes in big bucks with strong 1HFY23 performance
MG News | February 22, 2023 at 10:49 AM GMT+05:00
February 22, 2023 (MLN): Maple Leaf Cement Factory Limited (MLCF) on Wednesday disclosed the financial statement for the first half of the fiscal year 2023 wherein the company reported a net profit of Rs4.31 billion, ballooning by 56.23% YoY compared to Rs2.75bn in the same period last year.
Pursuant to the financial statement of the company, the top line witnessed an upsurge of 36% YoY to stand at Rs30bn in 1HFY23 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 to 31% from 27.5% in 1HFY22.
On the cost side, MLCF’s major expense head i.e., distribution cost swelled by 24% YoY to Rs884.6mnn while administrative expenses and other charges surged by 54%- and 24% YoY, respectively.
Meanwhile, the other income jumped by 42% YoY to clock in at Rs59.75mn.
On the other hand, the finance cost of the company soared by 60.31% to Rs1.08bn owing to higher interest rates and increased borrowings.
On the tax front, the effective tax rate during 1HFY23 was 28.88% compared to 26.11% in the same period last year.
|
Consolidated Financial Results for the half year ended December 31, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Dec-22 |
Dec-21 |
% Change |
|
Sales - net |
30,051,369 |
22,101,091 |
35.97% |
|
Cost of Sales |
(20,720,425) |
(16,025,291) |
29.30% |
|
Gross profit |
9,330,944 |
6,075,800 |
53.58% |
|
Distribution cost |
(884,611) |
(713,077) |
24.06% |
|
Administrative expenses |
(690,360) |
(448,706) |
53.86% |
|
Other charges |
(674,056) |
(548,007) |
23.00% |
|
Operating cost |
(2,249,027) |
(1,709,790) |
31.54% |
|
Other income |
59,758 |
42,071 |
42.04% |
|
Profit from operations |
7,141,675 |
4,408,081 |
62.01% |
|
Finance cost |
(1,084,069) |
(676,240) |
60.31% |
|
Profit before taxation |
6,057,606 |
3,731,841 |
62.32% |
|
Taxation |
(1,749,612) |
(974,411) |
79.56% |
|
Profit after taxation |
4,307,994 |
2,757,430 |
56.23% |
|
Basic and diluted earnings per share (Rupees) |
4.01 |
2.51 |
59.76% |
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