Thatta Cement’s profit doubles in FY23
MG News | September 27, 2023 at 09:54 AM GMT+05:00
September 27, 2023 (MLN): Thatta Cement Company Limited (PSX: THCCL) doubles its profit in a year, reporting a net profit of Rs249.08 million [EPS: Rs2.5] for the year ended June 30, 2023, showing a remarkable increase of 2.09x YoY from Rs119.29m [EPS: Rs1.2] in the previous year.
Moreover, the Board of Directors of THCCL approved to purchase/buy-back of up to 15 million issued ordinary shares of the company (constituting approximately 15.04% of the current issued and paid-up share capital of the company), of the face value of Rs10 each.
Going by the results made available by the company on the PSX, THCCL's top line rose by 26.88% YoY to Rs5.41 billion as compared to Rs4.26bn in SPLY.
The cost of sales also rose by 26.53% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 31.16% YoY to Rs420.51m in FY23.
Moroever, during the review period, other income almost tripled in a year to stand at Rs258.69m in FY23 as compared to Rs87.1m in FY22.
On the expense side, the company observed a rise in Selling and distribution cost by 50.97% YoY and other expenses by 30.43% YoY to clock in at Rs88.5m and Rs31.02m respectively during the review period.
The company’s finance costs grew by 52.38% YoY and stood at Rs50.86m as compared to Rs33.38m in FY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs115.45m against the Rs35.47m paid in the corresponding period of last year, depicting an increase of 225.47% YoY.
| Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 5,410,132 | 4,263,894 | 26.88% |
| Cost of sales | (4,989,620) | (3,943,273) | 26.53% |
| Gross Profit | 420,512 | 320,621 | 31.16% |
| Selling and distribution cost | (88,498) | (58,620) | 50.97% |
| Administrative expenses | (144,299) | (116,370) | 24.00% |
| Other Income | 258,692 | 87,101 | 197.00% |
| Other expenses | (31,021) | (44,591) | -30.43% |
| Finance cost | (50,858) | (33,375) | 52.38% |
| Profit before taxation | 364,528 | 154,766 | 135.53% |
| Taxation | (115,451) | (35,472) | 225.47% |
| Net profit for the period | 249,077 | 119,294 | 108.79% |
| Basic earnings/ (loss) per share | 2.50 | 1.20 | - |
Amount in thousand except for EPS
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