Maple Leaf Cement Factory Limited (MLCF) announced its financial result for 9MFY24 today, posting a PAT of PKR 5,374mn (EPS: PKR 5.01) compared to a PAT of PKR 6,185mn (EPS: PKR 5.76) in SPLY, down by 13% YoY. On a quarterly basis, the earnings settled at PKR 1,505mn (EPS: PKR 1.40) in 3QFY24 vis-à-vis PKR 1,876mn (EPS: 1.75) in SPLY, registering a decline of 20% YoY.
Result Highlights
Topline during 9MFY24 arrived at PKR 50,729mn in contrast to PKR 47,090mn in SPLY, depicting an uptick of 8% YoY. The growth in revenue comes on the back of higher retention prices. However, during 3QFY24 net sales declined by 6% YoY to settle at PKR 15,980mn, which is primarily due to lower volumetric sales.
Gross margins for 9MFY24 remained unchanged at 32%. Likewise, in 3QFY24 gross margins remained stable at 30%.
Selling and Distribution expenses in 9MFY24 witnessed a growth of 39% YoY to settle at PKR 4,112mn amid elevated freight charges given higher exports of 113k tons ( increasing by 31%) coupled with the implementation of axle load factor, we view. In 3QFY24, selling and distribution expenses arrived at PKR 1,316mn vis-à-vis PKR 1,305mn, a meagre uptick of 1%.
Finance costs in 9MFY24 surged by 80% YoY to clock in at PKR 2,687mn due to higher policy rate. In 3QFY24, the finance cost arrived at PKR 825mn, displaying a jump of 102% YoY, due to aforementioned reason.
The company booked effective taxation at 35% in 3QFY24 vis-à-vis 30% in 3QFY23.
AHL