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ACPL: Earnings to recoil by 21% YoY in 3QFY19

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Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com
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Attock Cement Pakistan Limited (ACPL) is scheduled to announce its 3QFY19 financial result on 11th Apr’19 whereby analysts expect the company to post earnings of PKR 529mn (EPS: PKR 3.85), depicting a decline of 21% YoY.

Topline of the company is projected to grow by 14% YoY during the quarter led by a robust 32% growth is dispatches to ~821k tons.

Albeit, margins are set to recoil by 5ppts to 25% amid 6% dip in domestic dispatches to 482k tons together with 20% deprecation in the Pak Rupee against USD.

NBFI

Additionally, Analysts forecast financial charges to witness a surge of 151% YoY to PKR 185mn in 3QFY19 given higher interest rates and increased borrowing.

Analysts highlight that profitability appears healthy on a QoQ basis (+34%) in lieu of improved margins (25% vs. 21% in 2QFY19) amid reversal in coal prices and higher retention prices tagged with volumetric growth.

With that said, cumulative profitability during 9MFY19 would arrive at PKR 1,346mn (EPS: PKR 9.79), down by 26% YoY from PKR 1,827mn (EPS: PKR 13.29) in 9MFY18.

Similar observations were made during 9MFY19; despite topline growth of 32% YoY at the back of 48% growth displayed by offtake (~2,515k tons), margins are set to take a beating to 23% in 9MFY19 (9MFY18: 33%) given PKR depreciation and higher coal prices.

 

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