Attock Cement Pakistan Limited (ACPL) announced its financial result for 9MFY24 today, posting a PAT of PKR 2,219mn (EPS: PKR 16.14) compared to PKR 1,057 (EPS: PKR 7.70) in SPLY, a jump of 110% YoY, mainly owed to gain on sale of the subsidiary ‘Saqr AL Keetan for Cement Production Company Limited’. During 3QFY24 earnings came at PKR 178mn (EPS: PKR 1.30) against PKR 497mn (EPS: PKR 3.62), a fall of 64% YoY.
Result Highlights
Topline during 9MFY24 settled at PKR 21,694mn as compared to PKR 18,390mn in SPLY, a growth of 18% YoY, due to higher retention prices along with higher dispatches of 1,771k (up 21% YoY). In 3QFY24 net sales fell by 12% YoY to settle at PKR 7,056mn against PKR 8,017mn in SPLY, amid fall in total offtake by 18% YoY for the quarter.
Gross margins for 9MFY24 arrived at 19% vis-à-vis 21% in SPLY, on the back of rise in exports. During 3QFY24 gross margins fell by 334bps to 18% as compared to SPLY, due to the aforementioned reason.
Selling and Distribution expenses in 9MFY24 increased by 61% YoY, attributed to the elevated freight charges amid rise in exports, to settle at PKR 2,117mn, we view. In 3QFY24, selling and distribution expenses arrived at PKR 701mn vis-à-vis PKR 671mn, up by 4% YoY.
Finance costs in 9MFY24 fell by 40% YoY to PKR 186mn on the back of repayment of debt. In 3QFY24, the finance cost arrived at PKR 96mn, showcasing a jump of 3% YoY.
The company booked an effective taxation at 42% in 3QFY24 vis-à-vis 32% in 3QFY23.
AHL
Maple Leaf Cement Factory profitability declined by 20% in 9MFY24