THCCL declares dividends as profit spikes over fourfold

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MG News | August 21, 2024 at 10:16 AM GMT+05:00

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August 21, 2024 (MLN): Thatta Cement Company Limited (PSX: THCCL) recorded an increase of 312.9% YoY in its profitability, clocking in its profit after tax at Rs1.28 billion [EPS: Rs13.97] for FY24, compared to a profit of Rs309.67m [EPS: Rs3.11] in the same period last year (SPLY).

Considering the improved financial performance, the company's directors have announced a final cash dividend of Rs1 per ordinary share.

Going by the results, the company's top line expanded by 39% YoY to Rs7.68bn as compared to Rs5.53bn in SPLY.

The cost of sales also rose by 9.6% YoY but as the change remained lesser than proportionate to sales rise, the gross profit surged by 256.7% YoY to Rs2.35bn in FY24.

Accordingly, the gross margins improved to 30.6% as compared to 11.9% in SPLY.

On the expense side, the company's administrative expenses rose 1.3% YoY to Rs152.65m, selling and distribution expenses fell 38.1% YoY to Rs54.81m, and other operating expenses rose 38.1% YoY to Rs183.5m.

THCCL experienced a significant boost in other income, which rose to Rs555.43m in FY24 from Rs266.36m in the same period last year, reflecting a notable increase of 108.5%.

The company’s finance cost rose by 10.7% and stood at Rs240.8m as compared to Rs217.45m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs995.73m against the Rs128.21m paid in the corresponding period of last year, depicting an increase of 676.7%.

The substantial increase in income enabled the company to offset rising expenses and other costs, leading to higher profits and a stronger overall performance for the year.

Consolidated (un-audited) Financial Results for the year ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Net-Sales 7,683,766 5,527,127 39.02%
Cost of sales (5,333,104) (4,868,158) 9.55%
Gross Profit/ (loss) 2,350,662 658,969 256.72%
Administrative Expenses (152,645) (150,650) 1.32%
Selling And Distribution Expenses (54,805) (88,498) -38.07%
Other Income 555,426 266,363 108.52%
Other Operating Expenses (183,495) (30,865) 494.51%
Finance Cost (240,798) (217,447) 10.74%
Profit/ (loss) before taxation 2,274,345 437,872 419.41%
Taxation (995,729) (128,206) 676.66%
Net profit/ (loss) for the period 1,278,616 309,666 312.90%
Basic earnings/ (loss) per share 13.97 3.11 -

Amount in thousand except for EPS

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