NRL which is part of the cash-rich Attock Group, has a lube business to fall back on during bad times. STOCK IMAGE
This took full-year earnings in fiscal year 2016-17 to Rs3.03 billion (earnings per share Rs26.49), up 5% compared to Rs2.89 billion (earnings per share Rs25.24) in FY16. The company also announced final cash dividend of Rs13.50 per share. Attock Cement’s share price closed at Rs203.27, up 0.42%. However, the benchmark KSE 100-share Index closed at 41,126, down 274 points or 0.66%.
Revenues in FY17 came in at Rs14.7 billion, up 6% year-on-year, given a similar uptick in cement dispatches to 2.08 million tons. Gross margins of the company dropped seven percentage points year-on-year to 38% during the period under review as coal prices jumped 41% year-on-year during the fourth quarter.
However, margins remained stagnant at 40% during FY17. Although the sales mix favoured local cement dispatches (76% of total dispatches in FY17 compared to 73% in FY16), the impact was offset by rising coal prices, up 47% year-on-year, according to a report prepared by Arif Habib Limited.
Selling expenses fell 5% year-on-year in FY17 to Rs904 million amid a contraction in export sales. The company booked effective taxation at 28% during the fourth quarter and 32% in the entire FY17.
Published in The Express Tribune, September 12th, 2017.
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