PIOC's profit more than doubles to Rs2.61bn in FY23

MG News | September 28, 2023 at 01:29 PM GMT+05:00

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September 28, 2023 (MLN): Pioneer Cement Limited (PSX: PIOC's) profit for FY23 soared by 2.49x YoY to Rs2.61 billion [EPS: 11.50], compared to a profit of Rs1.05 billion [EPS: 4.62] reported in the same period last year (SPLY), PIOC's filing on PSX revealed today.

Going by the results, the company's top line rose by 13.44% YoY to Rs36.17bn as compared to Rs31.88bn in SPLY.

The cost of sales also went up by 8.43% YoY but was less than proportionate to sales decline, which improved the gross profit by 30.63% YoY to Rs9.41bn in FY23.

It is important to mention that the company's cost to sell covers a significant proportion, accounting for approximately 74% of its net revenue.

On the expense side, PIOC's Distribution expenses and other expenses climbed by 26.85% and 57.80% YoY to stand at Rs141.77m and Rs131.99m respectively during the review period.

In addition to these expenses, administrative expenses also went up by 25.68% YoY to Rs168.7m in FY23.

PIOC also reported an increase in the allowance for expected credit losses of Rs77.63m in FY23.

The company's remeasurement loss on assets for FY23 went significantly down to just Rs6.15m, while during FY22 the number stood at Rs76.11m.

However, during the review period, other income expanded by 14.47% YoY to stand at Rs46.16m in FY23 as compared to Rs40.33m in SPLY.

The company’s finance costs expanded by 20.38% YoY and stood at Rs3.2bn as compared to Rs2.66bn in FY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs3.12bn against the Rs2.89bn paid in the corresponding period of last year, depicting an increase of 7.81% YoY.

Financial Results for the year ended 30 June 2023 (Rupees in '000)
	June 23	June 22	% Change
Revenue from contracts with customers - net	36,165,267	31,879,207	13.44%
Cost of sales	(26,755,883)	(24,676,095)	8.43%
Gross Profit	9,409,384	7,203,112	30.63%
Distribution expenses	(141,767)	(111,756)	26.85%
Administrative expenses	(168,699)	(134,230)	25.68%
Allowance for expected credit losses	(77,633)	(7,703)	907.83%
Remeasurement loss on assets held at fair value - net	(6,149)	(76,107)	-91.92%
Other Income	46,161	40,326	14.47%
Other expenses	(131,991)	(312,810)	-57.80%
Finance cost	(3,197,648)	(2,656,186)	20.38%
Profit before taxation	5,731,658	3,944,646	45.30%
Taxation	(3,120,552)	(2,894,376)	7.81%
Net profit for the period	2,611,106	1,050,270	148.61%
Basic and diluted earnings/ (loss) per share	11.50	4.62	-

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