Thatta Cement turns profitable in 1QFY24

MG News | October 30, 2023 at 11:54 AM GMT+05:00

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October 30, 2023 (MLN): Thatta Cement Company Limited (PSX: THCCL) revealed its earnings for the first quarter of FY24, wherein the profit after tax clocked in at Rs144.39 million [EPS: Rs1.36] compared to a loss of Rs71.34m [LPS: Rs0.65] in the same period last year (SPLY).

Going by the results, the company's top line rose by 50.26% YoY to Rs1.5bn as compared to Rs995.38m in SPLY.

The cost of sales also rose to Rs1.21bn in 1QFY24 but was lesser than proportionate to the sales increase, resulting in a gross profit of Rs283.41m.

During the review period, other income surged by 3.6x YoY to stand at Rs82.15m in 1QFY24 as compared to Rs22.82m in SPLY.

On the expense side, the company observed a decrease of 29.8% YoY to Rs13.4m in selling and distribution expenses, while administrative expenses rose by 7.51% to Rs42.74m.

The company’s finance costs increased by 16.44% YoY and stood at Rs62.61m as compared to Rs53.77m in 1QFY24, mainly due to higher interest rates.

On the taxation front, the company paid a tax worth Rs87.5m as compared to receiving a tax credit of Rs71.34m in SPLY.

Consolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000)
	Sep 23	Sep 22	% Change
Sales	1,495,625	995,376	50.26%
Cost of sales	(1,212,212)	(998,557)	21.40%
Gross Profit	283,413	(3,181)	-
Selling and distribution expenses	(13,399)	(19,087)	-29.80%
Administrative expenses	(42,741)	(39,756)	7.51%
Other Income	82,145	22,820	259.97%
Other expenses	(14,917)	-	-
Finance cost	(62,614)	(53,774)	16.44%
Profit before taxation	231,887	(92,978)	-
Taxation	(87,496)	21,639	-
Net profit for the period	144,391	(71,339)	-
Basic earnings/ (loss) per share	1.36	(0.65)	-

Amount in thousand except for EPS

THCCL and KSE-100 YTD Performance

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