Thatta Cement achieves remarkable turnaround, records profit of Rs358m in 1HFY24

MG News | February 23, 2024 at 10:23 AM GMT+05:00

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February 23, 2024 (MLN): Thatta Cement Company Limited (PSX: THCCL) has recorded a remarkable turnaround in the first half of fiscal year 2024 as the company earned Rs358.08m [EPS: Rs3.64], in comparison to a loss of Rs6.24m [LPS: Rs0.06] incurred in the Same Period Last Year (SPLY).

Going by the results, the company's top line expanded by 29.88% YoY to Rs3.12bn as compared to Rs2.41bn in SPLY.

The cost of sales rose by 4.35% YoY but was less than proportionate to sales growth, which improved the gross profit to Rs661.07m in 1HFY24.

On the expense side, the company observed a fall in selling and distribution costs by 31.95% YoY to clock in at Rs27.7m in 1HFY24.

On the other hand, THCCL's administrative and other expenses were reported higher during the review period and stood at Rs84.29m and Rs47.11m in 1HFY24.

A major contributor to the company's recovery is 2.03x YoY growth in the other income section, reaching Rs180.11m in 1HFY24 as compared to Rs88.72m in SPLY.

The company’s finance cost expanded by 8.36% YoY and stood at Rs28.77m as compared to Rs26.55m in 1HFY23, mainly due to higher interest rates.

On the tax front, the company paid a tax worth Rs276.41m against the tax rebate of Rs0.31m received in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for half year ended 31 December 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Revenue from contracts with customers - net	3,123,967	2,405,214	29.88%
Cost of sales	(2,462,898)	(2,360,216)	4.35%
Gross Profit	661,069	44,998	1369.11%
Selling and distribution cost	(27,703)	(40,712)	-31.95%
Administrative expenses	(84,285)	(71,892)	17.24%
Expected credit loss allowance	(18,821)	0	-
Other Income	180,113	88,719	103.02%
Other expenses	(47,111)	(3,094)	1422.66%
Finance cost	(28,773)	(26,552)	8.36%
Profit before taxation	634,489	(8,533)	-
Taxation	(276,405)	2,298	-
Net profit for the period	358,084	(6,235)	-
EPS	3.64	(0.06)	-

Amount in thousand except for EPS

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