October 27, 2023 (MLN): Maple Leaf Cement Factory Limited (PSX: MLCF) experienced a rise of 18% YoY in its profits in the first quarter of FY24, earning a profit after tax of Rs1.63 billion [EPS: Rs1.52], compared to a profit of Rs1.38bn [EPS: Rs1.28] in the same period last year (SPLY).
Going by the results, the company's top line rose by 30% YoY to Rs16.68bn as compared to Rs12.83bn in SPLY.
The cost of sales rose by 30.14% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 29.69% YoY to Rs5.23bn in 1QFY24.
Moreover, during the review period, other income soared to Rs75.49m in 1QFY24 as compared to Rs7.87m in SPLY.
On the expense side, the company observed a rise in distribution cost by 52.74% YoY while other charges fell by 12.16% YoY to clock in at Rs1.15bn and Rs335.86m respectively during the review period.
The company’s finance costs increased by 68.52% YoY and stood at Rs945.96m as compared to Rs561.35m in 1QFY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs836.44m against the Rs587.58m paid in the corresponding period of last year, depicting an increase of 42.35% YoY.
| Consolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 16,675,567 | 12,827,344 | 30.00% |
| Cost of sales | (11,447,934) | (8,796,348) | 30.14% |
| Gross Profit | 5,227,633 | 4,030,996 | 29.69% |
| Distribution cost | (1,151,205) | (753,687) | 52.74% |
| Administration expenses | (407,493) | (375,692) | 8.46% |
| Other Income | 75,492 | 7,868 | 859.48% |
| Other charges | (335,860) | (382,351) | -12.16% |
| Finance cost | (945,961) | (561,347) | 68.52% |
| Profit before taxation | 2,462,606 | 1,965,787 | 25.27% |
| Taxation | (836,436) | (587,576) | 42.35% |
| Net profit for the period | 1,626,170 | 1,378,211 | 17.99% |
| Basic earnings/ (loss) per share | 1.52 | 1.28 | – |
Amount in thousand except for EPS
MLCF and KSE-100 YTD Performance
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Posted on:2023-10-27T10:49:13+05:00
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