Thatta cement reports 214.88% surge in after-tax profits

MG News | February 03, 2025 at 10:07 AM GMT+05:00

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February 03, 2025 (MLN): Thatta Cement Company Limited (PSX: THCCL) recorded a 214.88% increase in after-tax profit for the half-year ended December 31, 2024, as strong revenue growth and improved margins boosted the company’s financial performance.

The company reported an after-tax profit of Rs1.13 billion [EPS: Rs3.64] during H1 FY24, compared to Rs358.08 million [EPS: Rs2.41] in the same period last year (SPLY).

The company declared an interim cash dividend of Rs0.5 per share (5%) for minority shareholders.

The company’s gross revenue increased by 33.88% to Rs5.6bn, compared to Rs4.18bn in SPLY. Net sales also rose 23.23% to Rs3.85bn from Rs3.12 bn last year, supported by higher demand.

On the cost front, cost of sales increased by 7.53%, reaching Rs2.65bn. However, the gross profit jumped 81.72% to Rs1.2bn, reflecting stronger operational efficiencies.

Meanwhile, selling and distribution costs rose 11.61% to Rs30.92mn, while administrative expenses declined 12.74% to Rs73.55mn, helping control overall expenses.

The company also benefited from a 333.25% surge in other income, which rose to Rs780.33mn from Rs180.11mn in SPLY, contributing to the improved bottom line.

Despite a 4.09% reduction in finance costs, the company’s profit before taxation surged by 171.39%, reaching Rs1.72bn.

On the tax front, Thatta Cement paid Rs594.42mn in taxes during the period, reflecting an increase of 115.05% compared to Rs276.41mn in SPLY.

This performance translates to a stronger financial position, with earnings per share (EPS) increasing by 51.04% to Rs3.64, compared to Rs2.41 in SPLY.

Unconsolidated Financial Results for the half-year ended December 31, 2024 ('000 Rupees)
	Dec-24	Dec-23	%change
Sales - Gross	5,599,802	4,182,844	33.88%
Sales tax and federal excise duty	(1,750,212)	(1,058,877)	65.29%
Sales - Net	3,849,590	3,123,967	23.23%
Cost of Sales	(2,648,288)	(2,462,898)	7.53%
Gross Profit	1,201,302	661,069	81.72%
Selling and Distribution Cost	(30,918)	(27,703)	11.61%
Administrative Expenses	(73,549)	(84,285)	-12.74%
Other Operating Expenses	(127,624)	(47,111)	170.90%
Expected Credit Loss Allowance	-	(18,821)
Other Income	780,334	180,113	333.25%
Operating Profit	1,749,545	663,262	163.78%
Finance Cost	(27,597)	(28,773)	-4.09%
Profit Before Taxation	1,721,948	634,489	171.39%
Taxation
Current	(666,163)	(256,326)	159.89%
Prior	63,832	(12,438)	-613.20%
Deferred	8,865	(7,641)	-216.02%
Total Taxation	(594,416)	(276,405)	115.05%
Profit for the Period	1,127,532	358,084	214.88%
Earnings Per Share (Basic & Diluted)	3.64	2.41	51.04%

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