Attock Cement Posts 135% Profit Growth for FY24

Attock Cement Pakistan Limited (PSX: ACPL) announced its financial result for FY24 today, posting earnings of Rs. 3.567 billion compared to Rs. 1.516 billion in SPLY, a jump of 135 percent YoY,

This was mainly owed to gain on the sale of the subsidiary ‘Saqr AL Keetan for Cement Production Company Limited, Arif Habib Limited said in a review.

During 4QFY24, earnings came at Rs. 1.348 billion against Rs. 459 million, a surge of 194 percent YoY, due to the reason stated above.

Along with the result, the company also announced a cash dividend of Rs. 4.00 per share.

Topline during FY24 settled at Rs. 28.5 billion as compared to Rs. 25.47 billion in SPLY, a growth of 12 percent YoY, due to higher retention prices along with higher dispatches of 2,341,000 (up 15 percent YoY).

In 4QFY24 net sales fell by 3 percent YoY to settle at Rs. 6.84 billion against Rs. 7 billion in SPLY, amid fall in local dispatches by 10 percent YoY for the quarter.

Gross margins for FY24 arrived at 19 percent vis-à-vis 22 percent in SPLY, on the back of rise in exports. During 4QFY24 gross margins fell by 800bps to 18 percent as compared to SPLY, due to the aforementioned reason.

Selling and Distribution expenses in FY24 increased by 38 percent YoY, attributed to the elevated freight charges on account of axle load factor, to settle at Rs. 2.59 billion. In 4QFY24, selling and distribution expenses arrived at Rs. 473 million vis-à-vis Rs. 569 million, down by 17 percent YoY.

Finance costs in FY24 rose by 18 percent YoY to Rs. 186 million on the back elevated policy rate. In 4QFY24, the finance cost arrived at Rs. 154 million.

The company booked effective taxation at 48 percent in 4QFY24 vis-à-vis 81 percent in SPLY.

ACPL posted earnings per share (EPS) of Rs. 25.95 for FY24 and an EPS of Rs. 9.81 for 4QFY24.

At the time of filing, the company’s scrip at the bourse was Rs. 94.5, down 1.61 percent or Rs. 1.55 with 58,403 shares on Monday.