Islamabad, Sep 2: Attock Cement Pakistan Limited (PSX: ACPL) revealed its FY24 financial results, reporting earnings of Rs. 3.567 billion, up 135 percent YoY from Rs. 1.516 billion in SPLY. According to an assessment by Arif Habib Limited, this was mostly due to the profit from the sale of the subsidiary “Saqr AL Keetan for Cement Production Company Limited.”
For the previously mentioned rationale, earnings for the fourth quarter of FY24 increased by 194% YoY to Rs. 1.348 billion from Rs. 459 million. The corporation also declared a cash dividend of Rs. 4.00 per share in conjunction with the outcome. The FY24 topline was Rs. 28.5 billion, up 12 percent YoY from Rs. 25.47 billion in SPLY. This increase was attributed to increased retention prices and greater dispatches of 2,341,000, up 15 percent YoY.
Against Rs. 7 billion in SPLY, net sales in 4QFY24 decreased by 3% YoY, primarily due to a 10% YoY decline in local dispatches for the period, with a surge in exports, gross margins for FY24 came in at 19% compared to 22% in SPLY. The aforementioned factor caused gross margins to drop by 800bps to 18% in 4QFY24 compared to SPLY.
The selling and distribution expenses for FY24 amounted to Rs. 2.59 billion, a 38 percent YoY increase related to higher freight charges due to axle load factor. Selling and distribution costs were down 17% year over year in 4QFY24, coming in at Rs. 473 million as opposed to Rs. 569 million. Finance costs increased by 18% YoY to Rs. 186 million in FY24 due to the back-pedaled policy rate. The finance cost was Rs. 154 million in 4QFY24.
In 4QFY24, the company recorded effective taxation of 48%, compared to 81% in SPLY. For FY24, ACPL reported earnings per share (EPS) of Rs. 25.95, and for 4QFY24, EPS of Rs. 9.81.The company’s share price on the exchange was Rs. 94.5 at the time of reporting, down 1.61 percent or Rs. 1.55 with 58,403 shares on Monday.
