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Earning Review: ACPL’s profitability stays flat
October 15, 2019 (MLN): Profitability for Attock Cement Pakistan Limited (ACPL) for the quarter ended on September 30, 2019, remained flat at Rs 421 million with Earning per share (EPS) stood at Rs 3 as compared to same quarter last year.
The top-line earnings of the company declined by 5%YoY to Rs 5.3 billion during 1QFY20 due to extended monsoon seasons and weak local demand, while the cost of sales deteriorated by 10.67% YoY, which led the gross profits to surge by 14% YoY.
Moreover, gross level margins also incremented by 4 ppts YoY to 25% on account of lower coal prices but depreciation of Pakistani Rupee against USD curbed the benefits to some extent.
With regards to company’s major expense heads, distribution, admin and other cost surged by 4%, 3% and 44% YoY respectively, whereas, finance cost hovered by 29% YoY due to higher interest rates.
The company also witnessed an increase in tax expenses by 69% YoY which further eroded company’s profitability.
Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Revenue | 5,372,062 | 5,680,042 | -5.42% |
Cost of Sales | (4,004,745) | (4,482,943) | -10.67% |
Gross Profit | 1,367,317 | 1,197,099 | 14.22% |
Distribution cost | (489,255) | (470,335) | 4.02% |
Administrative expenses | (133,920) | (129,389) | 3.50% |
Other expenses | (36,000) | (25,000) | 44.00% |
Other income | 20,352 | 61,333 | -66.82% |
Profit from operations | 728,494 | 633,708 | 14.96% |
Finance cost | (158,595) | (122,660) | 29.30% |
Profit before income tax | 569,899 | 511,048 | 11.52% |
Income tax credit/(expense) | (148,750) | (88,000) | 69.03% |
Profit for the period | 421,149 | 423,048 | -0.45% |
Earnings per share - basic and diluted (Rupees) | 3.06 | 3.08 | -0.65% |
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EPCL endures 27% decline in earnings owing to higher...
October 15, 2019 (MLN): The Board of Directors of Engro Polymers and Chemical Limited held its meeting today, to discuss and present the financial results for the nine months ended on September 30, 2019.
As per the document issued to Pakistan Stock Exchange, the company has posted net earnings of Rs. 2.8 billion for the said period, which signifies a decline of 27% over the same period of last year.
Various analysts have proposed that the cause behind this deterioration in profits pertains to adoption of IFRS16 by the company in the second quarter of FY19.
While the increase in the prices of PVC helped lift topline income by 9%, the hike in gas tariffs pushed cost of sales up by 11%.
The non-core income of the company surged by 14% owing to returns from various short term investments as well as foreign exchange. On the other hand, finance costs swelled by 165% due to higher interest rates.
The company also announced an Interim Cash Dividend for the said period at Rs. 0.6 per share i.e. 6%.
Consolidated Profit and Loss Account for the nine months ended September, 30 2019 ('000 Rupees) | |||
|---|---|---|---|
Sep-19 | Sep-18 | % Change | |
Net revenue | 27,834,222 | 25,523,707 | 9.05% |
Cost of sales | (21,586,567) | (19,427,062) | 11.12% |
Gross profit | 6,247,655 | 6,096,645 | 2.48% |
Distribution and marketing expenses | (244,718) | (292,084) | -16.22% |
Administrative expenses | (603,041) | (535,516) | 12.61% |
Other operating expenses | (1,106,104) | (470,237) | 135.22% |
Other income | 710,679 | 620,266 | 14.58% |
Operating profit | 5,004,471 | 5,419,074 | -7.65% |
Finance cost | (1,199,902) | (451,501) | 165.76% |
Profit before taxation | 3,804,569 | 4,967,573 | -23.41% |
Taxation | (990,086) | (1,102,137) | -10.17% |
Profit for the period | 2,814,483 | 3,865,436 | -27.19% |
Earnings per share - basic and diluted (Rupees) | 3.10 | 5.03 | -38.37% |
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Talks with IMF to start today
October 15, 2019 (MLN): The technical team of International Monetary Fund (IMF) has arrived in Pakistan and is set to commence talks from today.
The technical team will stay in Pakistan for two weeks, where the team will review the measures taken by the government.
Furthermore, the two side will also discuss taxation system particularly with regards to corporate tax.
In addition, the team of Federal Board of Revenue (FBR) will give briefing on income tax and sales tax.
The talks aim to determine the ways to increase tax collection by Rs 700 billion, particularly through income tax and sales tax.
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Earning Review: HBL’s earnings wither by 10% in 9MFY19
October 15, 2019 (MLN): Habib Bank Limited has announced its financial results for the nine months ended on September 30, 2019, as per which, it has posted net profits of Rs. 8.8 billion (EPS: Rs. 5.89), i.e. around 10.9% lower than the same period of last year.
While the markup interest income of the bank depicted positive growth due to higher yields, the non-markup interest income slumped by 4.3% on account of losses associated with hedging instruments and sale of securities.
The operating expenses of the bank surged by 22% as a result of ongoing business transformation.
An interim Cash Dividend for the quarter ended on September 30, 2019 was also announced at Rs. 1.25 per share, i.e. 12.5%. This is in addition to the interim Cash Dividend already paid at Rs. 2.5 per share i.e. 25%.
Consolidated Profit and Loss Account for the nine months ended September 30,2019 (Rupees '000) | |||
|---|---|---|---|
Sep-19 | Sep-18 | % Change | |
Mark-up/return/profit/interest earned | 182,631,441 | 117,074,265 | 56.00% |
Mark-up/return/profit/interest expensed | 108,573,082 | 56,962,724 | 90.60% |
Net mark-up/return/profit/interest income | 74,058,359 | 60,111,541 | 23.20% |
Non mark-up/interest income | |||
Fee, commission and brokerage income | 15,456,596 | 12,739,687 | 21.33% |
Dividend income | 367,646 | 636,969 | -42.28% |
Share of profits of associates and joint venture | 2,212,652 | 2,324,938 | -4.83% |
Foreign Exchange Income | 302,575 | 444,090 | -31.87% |
(Loss) / income from derivatives | (657,532) | (361,337) | 81.97% |
(Loss) / gain on securities | (2,411,531) | 357,300 | |
Other income | 506,627 | 354,547 | 42.89% |
Total non-mark-up /interest income | 15,777,033 | 16,496,194 | -4.36% |
Total Income | 89,835,392 | 76,607,735 | 17.27% |
Non mark-up/interest expenses | |||
Operating expenses | (68,969,691) | (56,266,809) | 22.58% |
Other charges | (404,057) | (465,994) | -13.29% |
Workers' Welfare Fund | (393,094) | (330,051) | 19.10% |
Total non-mark-up/interest expenses | (69,766,842) | (57,062,854) | 22.26% |
Profit/(loss) before taxation | 20,068,550 | 19,544,881 | 2.68% |
Provision and write offs-net | (1,783,344) | (1,863,380) | |
Taxation | (9,460,517) | (7,771,355) | 21.74% |
Profit/(loss) after taxation | 8,824,689 | 9,910,146 | -10.95% |
Earnings per share - basic and diluted (Rupees) | 5.89 | 6.57 | -10.35% |
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NRL’s quarterly losses decline by 36%
October 15, 2019 (MLN): National Refinery Limited (NRL) has announced its financial earnings for the quarter ended on September 2019, wherein the company posted a significant decline in its losses to Rs 678.7 million against Rs 1 billion incurred in same period last quarter.
This translated in to loss per share which clocked in at Rs8.49, marking a decline of 36.3% from Rs 13.33 in corresponding period last year.
The decline in losses largely came on the back of lower cost of sales along with the rise in other income by 12.63% YoY. In addition, finance cost also dropped by a substantial amount of Rs 97 million, which further helped in declining company’s net losses.
Furthermore, the company also witnessed 39%YoY decline its operating losses which provided comfort to the earnings.
Profit and Loss Account for the quarter ended September 30th 2019 ('000 Rupees) | |||
|---|---|---|---|
| Sep-19 | Sep-18 | % Change |
Gross sales | 52,332,426 | 53,227,258 | -1.68% |
Trade discounts, taxes, duties, levies and price differentials | (13,064,811) | (11,968,195) | 9.16% |
Net sales | 39,267,615 | 41,259,063 | -4.83% |
Cost of sales | (39,455,909) | (41,780,504) | -5.56% |
Gross profit/(loss) | (188,294) | (521,441) | -63.89% |
Distribution cost | (196,882) | (190,553) | 3.32% |
Administrative expenses | (234,402) | (227,412) | 3.07% |
Other income | 101,773 | 90,359 | 12.63% |
Other operating expenses | (5,036) | (4,122) | 22.17% |
Operating profit/(loss) | (522,841) | (853,169) | -38.72% |
Finance cost | (370,870) | (467,937) | -20.74% |
Profit/(loss) before taxation | (893,711) | (1,321,106) | -32.35% |
Taxation | 214,946 | 254,938 | -15.69% |
Profit/(loss) after taxation | (678,765) | (1,066,168) | -36.34% |
Earnings per share - basic and diluted (rupees) | (8.49) | (13.33) | -36.31% |
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