Power Cement reports profit after prior year’s loss

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MG News | April 25, 2025 at 09:19 AM GMT+05:00

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April 25, 2025 (MLN): Power Cement Limited (PSX: POWER) has posted a net profit of Rs347.9 million for the nine months ended March 31, 2025, marking a significant recovery from the net loss of Rs1.19 billion reported in the same period last year.

The company’s earnings per share (EPS) rose to Rs0.07 from a loss of Rs1.41 per share, reflecting a strong turnaround in its bottom-line performance.

Revenue from contracts with customers for the nine-month period stood at Rs21bn, reflecting a 15.78% decline from Rs24.94bn recorded during the corresponding period of the previous year.

Despite the fall in revenue, the company managed to reduce its cost of sales by 21.74%, bringing it down to Rs15.21bn, compared to Rs19.43bn last year.

This led to a 5.25% increase in gross profit, which rose to Rs5.8bn.

Selling and distribution expenses declined by 15.69% to Rs1.99bn, down from Rs2.36bn, aided by cost-cutting initiatives.

On the other hand, administrative expenses increased by 31.98%, reaching Rs433.5m, mainly due to higher operational costs.

The company also recorded an impairment loss on trade receivables of Rs12m, while other expenses dropped sharply by 51.40% to Rs84.9m.

Total operating expenses were curtailed by 11.99%, supporting an increase in profit from operations, which stood at Rs3.28bn, up 23.97% from Rs2.64bn in the same period last year.

Finance income grew by 41.40% to Rs29.8m, while finance costs saw a substantial decrease of 34.85%, amounting to Rs2.54bn, reflecting better debt management and lower borrowing costs.

The levy dropped by 40.26% to Rs63.8m, and taxation expenses turned negative, with a charge of Rs350.6m this period compared to a tax credit of Rs159.9m last year.

As a result, net profit after taxation and levy came in at Rs347.9m, compared to a net loss of Rs1.19bn in the same period last year.

Total comprehensive income for the period remained at Rs347.9m, mirroring the post-tax profit figure.

The company’s basic EPS excluding preference dividend stood at Rs0.30, compared to a loss per share of Rs1.07 last year, further underlining the improved financial performance.

Financial Results for the Nine Months Ended March 31, 2025 (Rupees in '000)
Description Mar-25 Mar-24 %Change
Revenue from contracts with customers 21,004,306 24,939,287 -15.78%
Cost of sales (15,205,451) (19,429,863) -21.74%
Gross profit 5,798,855 5,509,424 5.25%
Selling and distribution expenses (1,993,243) (2,364,296) -15.69%
Administrative expenses (433,456) (328,420) 31.98%
Impairment loss on trade receivables (12,021) -  
Other (expense) / income (84,885) (174,666) -51.40%
Total Expenses (2,523,605) (2,867,382) -11.99%
Profit from operations 3,275,250 2,642,042 23.97%
Finance income 29,811 21,082 41.40%
Finance cost (2,542,805) (3,903,216) -34.85%
Profit / (loss) before taxation and levy 762,256 1,240,092 -38.53%
Levy (63,756) (106,720) -40.26%
Taxation (350,573) 159,901  
Profit / (loss) after taxation and levy 347,927 (1,186,911)  
Other comprehensive income / (loss):      
Changes in fair value of cash flow hedges (834,390) (953,192) -12.46%
Adjustments transferred to profit or loss 834,390 953,192 -12.46%
Hedging Reserve - -  
Total comprehensive income / (loss) 347,927 (1,186,911)  
Earnings / (loss) per share - Basic 0.07 (1.41)  
Earnings / (loss) per share - Basic (Excl. Preference Dividend) 0.3 (1.07)  

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