Pioneer Cement records 26% YoY profit growth in first quarter of 2024

By MG News | April 26, 2024 at 12:54 PM GMT+05:00

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April 26, 2024 (MLN): Pioneer Cement Limited (PSX: PIOC) experienced a rise of 26.6% YoY in its profitability in the first quarter of 2024, clocking in its profit after tax at Rs1.2 billion [EPS: Rs5.29], compared to a profit of Rs950 milion [EPS: Rs4.18] in the same period last year (SPLY).

Going by the results, the company's top line went down by 6.6% YoY to Rs8.55bn as compared to Rs9.15bn in SPLY.

The cost of sales also fell by 13.1% YoY, which improved the gross profit by 11.4% YoY to Rs2.74bn in 1Q2024.

The gross margins increased to 32.05% as compared to 26.89% in SPLY.

During the review period, other income soared by 2.6x YoY to stand at Rs54.29m in 1Q2024 as compared to Rs20.94m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 39.6% YoY while reducing its other expenses by 15.9% YoY to clock in at Rs54.01m and Rs98.46m respectively during the review period.

The company’s finance cost deflated by 21.6% YoY and stood at Rs680.21m as compared to Rs867.33m in SPLY.

On the tax front, the company paid a higher tax worth Rs725.28m against the Rs467.89m paid in the corresponding period of last year, depicting a rise of 55.0% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	8,550,084	9,149,861	-6.56%
Cost of sales	(5,810,102)	(6,689,217)	-13.14%
Gross Profit/ (loss)	2,739,982	2,460,644	11.35%
Administrative Expenses	(54,005)	(38,676)	39.63%
Selling And Distribution Expenses	(33,963)	(32,088)	5.84%
Other Gains / (Losses)	(4)	(8,511)	-99.95%
Other Income	54,286	20,943	159.21%
Other Operating Expenses	(98,461)	(117,128)	-15.94%
Finance Cost	(680,212)	(867,329)	-21.57%
Profit/ (loss) before taxation	1,927,623	1,417,855	35.95%
Taxation	(725,279)	(467,892)	55.01%
Net profit/ (loss) for the period	1,202,344	949,963	26.57%
Basic earnings/ (loss) per share	5.29	4.18	-

Amount in thousand except for EPS

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