Pioneer Cement profit rises 9.6% in Q3 amid lower finance costs

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By MG News | October 29, 2024 at 12:44 PM GMT+05:00

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October 29, 2024 (MLN): Pioneer Cement Limited (PSX: PIOC) experienced a rise of 9.6% YoY in its third quarter bottom line, earning a profit after tax of Rs1.02 billion [EPS: Rs4.5], compared to Rs933.02m [EPS: Rs4.11] in the same period last year (SPLY).

The company achieved this positive financial outcome due to a substantial reduction in finance costs amid monetary easing.

The finance cost decreased by 48.1% and stood at Rs493.16m as compared to Rs950.19m in SPLY.

According to the results, PIOC experienced a setback as its revenue from contracts with customers decreased by 9.4% to Rs7.89bn, compared to Rs8.71bn in the SPLY.

While the cost of sales also declined by 9.4%, the drop in revenue was of greater magnitude, resulting in a 9.4% decrease in gross profit to Rs2.4bn in Q3 CY24.

On the expense side, the company's administration expenses rose 72.5% YoY to Rs137.07m, and other operating expenses increased 33.6% YoY to Rs105.57m.

Meanwhile, distribution and selling expenses fell 33.6% YoY to Rs40.8m

During the period under review, other income grew 652.6% to stand at Rs52.58m in Q3 CY24 as compared to Rs6.99m in SPLY, another factor supporting its profit growth.

On the tax front, the company paid a higher tax worth Rs653.96m against the Rs601.56m paid in the corresponding period of last year, depicting an increase of 8.7%.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
  Sep 24 Sep 23 % Change
Revenue from contracts with customers - net 7,890,606 8,712,228 -9.43%
Cost of sales (5,489,766) (6,061,838) -9.44%
Gross Profit/ (loss) 2,400,840 2,650,390 -9.42%
Administration expenses (137,065) (79,479) 72.45%
Distribution and selling expenses (40,803) (61,487) -33.64%
Remeasurement gain on assets held at fair - 47,352 -
Other Income 52,578 6,986 652.62%
Other Operating Expenses (105,572) (78,999) 33.64%
Financial (charges) / income (493,158) (950,185) -48.10%
Profit/ (loss) before taxation 1,676,820 1,534,578 9.27%
Final tax / levies (653,960) (601,555) 8.71%
Net profit/ (loss) for the period 1,022,860 933,023 9.63%
Basic earnings/ (loss) per share 4.50 4.11 -

Amount in thousand except for EPS

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