Thatta Cement Q1 profit surges almost five times

MG News | October 25, 2024 at 03:17 PM GMT+05:00

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October 25, 2024 (MLN): Thatta Cement Company Limited (PSX: THCCL) recorded an increase of 392.0% in its profits during the first quarter of FY25 as its gross margins jumped.

The company recorded after-tax profit of Rs596.85 million [EPS: Rs7.05] during g the quarter ending September 2024, compared to Rs121.31m [EPS: Rs1.43] in the same period last year (SPLY).

Along with the results, the company announced an Interim cash dividend for the quarter ended September 30, 2024 at Rs0.5 per share i.e. 5%.

The company's revenue rose 17.1% to Rs1.72bn as compared to Rs1.47bn in SPLY.

Furthermore, the cost of sales fell 21.6%, improving the gross profit by 243.8% to Rs736.36m in Q1 FY25.

The gross margins jumped to 42.8% as compared to 14.6% in SPLY.

During the period under review, other income also surged 416.7% to stand at Rs357.84m in Q1 FY25 as compared to Rs69.26m in SPLY.

On the expense side, the company's administrative expenses fell 8.6% from a year ago to Rs36.08m, selling and distribution expenses fell 12.5% to Rs11.73m, while other operating expenses rose 375.6% to Rs70.95m.

The company’s finance cost grew by 24.0% and stood at Rs18.19m as compared to Rs14.66m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs360.4m against the Rs79.64m paid in the corresponding period of last year, depicting a rise of 352.5%.

This translates to an effective tax rate of 37.6% as compared to 39.6% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	1,721,214	1,470,533	17.05%
Cost of sales	(984,855)	(1,256,375)	-21.61%
Gross Profit/ (loss)	736,359	214,158	243.84%
Administrative Expenses	(36,083)	(39,483)	-8.61%
Selling And Distribution Expenses	(11,725)	(13,399)	-12.49%
Other Income	357,838	69,258	416.67%
Other Operating Expenses	(70,946)	(14,917)	375.61%
Finance Cost	(18,188)	(14,664)	24.03%
Profit/ (loss) before taxation	957,255	200,953	376.36%
Taxation	(360,404)	(79,641)	352.54%
Net profit/ (loss) for the period	596,851	121,312	392.00%
Basic earnings/ (loss) per share	7.05	1.43	-

Amount in thousand except for EPS

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