Thatta Cement Q1 profit surges almost five times
MG News | October 25, 2024 at 03:17 PM GMT+05:00
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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