February 25, 2021 (MLN): Pioneer Cement Limited (PIOC) has reported profits of Rs. 606.5 million (EPS: 2.67) for the half-year ended December 31, 2020, against losses of Rs. 111.6 million (LPS: 0.49) reported during the same period of last year.
The improvement in the company’s financial performance was a result of the tax credit of Rs. 261.1 million on the new credit line, as per a report by Insight Securities.
The company also saw a 106% growth in its total revenue owing to higher retention prices as well as increase in dispatches.
Despite lower interest rates, the company saw a 3.6x growth in finance costs owing to the expenditure incurred on PIOC’s expansion project.
Consolidated Financial Results for the half year ended December 31, 2020 ('000 Rupees) | |||
|---|---|---|---|
Dec-20 | Dec-19 | % change | |
Sales gross | |||
Cement – Local | 14,221,071 | 6,858,768 | 107.34% |
Cement – Export | 51,692 | 47,146 | 9.64% |
14,272,763 | 6,905,914 | 106.67% | |
Less: | |||
Sales Tax | (2,410,566) | (1,173,269) | 105.46% |
Federal Excise duty | (2,365,493) | (1,514,602) | 56.18% |
Commission | (108,370) | (39,558) | 173.95% |
Discount and rebate | (17,726) | (30,758) | -42.37% |
| (4,902,155) | (2,758,187) | 77.73% |
Sales – net | 9,370,608 | 4,147,727 | 125.92% |
Cost of sales | (8,231,424) | (4,102,710) | 100.63% |
Gross profit | 1,139,184 | 45,017 | 2430.56% |
Distribution cost | (67,911) | (161,627) | -57.98% |
Administrative expenses | (59,892) | (57,251) | 4.61% |
Other income | (25,599) | (204) | 12448.53% |
Other expenses | 198,304 | 160,990 | 23.18% |
44,902 | (58,092) | ||
Operating profit | 1,184,086 | (13,075) | |
Finance cost | (838,684) | (182,261) | 360.16% |
Profit before taxation | 345,402 | (195,336) | |
Taxation | 261,109 | 83,668 | 212.08% |
Profit after taxation | 606,511 | (111,668) | |
Earnings per share – basic and diluted (Rs.) | 2.67 | (0.49) | |
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