Sunday, January 24, 2021

ACPL profitability declines 17 percent YoY

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Attock Cement Pakistan Limited (ACPL) announced its 3QFY19 financial result on Thursday, where the company posted a profitability decline of 17% YoY to PKR 559mn (EPS: PKR 4.07) compared to PKR 674mn (EPS: PKR 4.90) in SPLY. This took the 9MFY19 earnings to PKR 1,376mn (EPS: PKR 10.01), depicting a dip of 25% YoY.

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The company’s top-line in 3QFY19 clocked-in at PKR 5.5bn, up by 21% YoY on the back of a 32% YoY jump in total dispatches to 821k tons together with higher retention prices. In 9MFY19 revenue witnessed a growth of a solid 34% to PKR 16.3bn amid 48% upsurge in dispatches.

Albeit, gross margins of ACPL dropped by 5ppts YoY to 25% during the period under review in light of weaker domestic dispatches to 482k tons tagged with 20% deprecation in the Pak Rupee against USD. Whereas in 9MFY19, gross margins took a beating to 23% (9MFY18: 33%) given higher coal prices and PKR depreciation.

On a QoQ basis, margins improved from 21% in 2QFY19 led by improvement in dispatches and higher prices which translated into a profitability jump of 42% QoQ.

Selling expenses rose by 29% YoY during 3QFY19 to PKR 350mn, in-line with higher offtake (exports witnessed a growth of 3x YoY to 338k tons (3QFY18: 109k tons).

In addition, finance costs rose by a massive 150% YoY to PKR 185mn on account of higher interest rates and borrowing.

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ACPL booked effective taxation at 18% in 3QFY19 vis-à-vis 23% in SPLY.

 

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Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
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