Business

Corporate results: Attock Cement profits of Rs1.6 billion

Earnings in 9MFY15 17% higher than comparative period previous year.

Our Correspondent April 14, 2015

Earnings per share (EPS) improved to Rs14.35. PHOTO: REUTERS

KARACHI: Attock Cement – part of Attock Group of Companies – has posted a net profit of Rs1.64 billion during the first nine months (Jul-Mar) of fiscal year 2015 (FY15), up 17% compared to Rs1.40 billion in the same period previous year.

Earnings per share (EPS) improved to Rs14.35 from an EPS of Rs12.29 in the period under review. The earnings growth was mainly driven by higher cement prices and higher margins, which resulted from lower fuel and power costs, Global Research reported on Tuesday.

On a quarterly basis, the company experienced earnings growth of 12% quarter-on- quarter(QoQ) to Rs619 million or an EPS of Rs5.41 during the third quarter of FY15 because of an increase in margins and other income.

Company revenues increased by 7% year-on-year (YoY) to Rs9.79 billion during the first nine months of FY15 because of a 3% YoY increase in volumetric sales to 1.43 million tons and higher retention price of Rs535 per 50kg bag, up 10% YoY. Similarly, on a quarterly basis, revenues increased by 7% QoQ to Rs3.42 billion during the third quarter of FY15, owing to a 4% QoQ increase in volumetric sales.

Margins of the company improved by 4 percentage points to 32.5% during the nine months of FY15 because of higher cement prices, fuel price adjustment and subdued international coal prices.

Sequentially, margins jumped by 4.65% points to 35% YoY during the third quarter of FY15 because of higher retention price and a decline in net energy costs. The potential growth in margins, however, was hampered by a weaker sales mix.

Other income of the company also increased by a notable 109% YoY to Rs129 million in the third quarter of FY15 as a result of higher cash balance and short-term investments.

The potential growth in bottom-line was subdued due to 5 percentage points QoQ increase in the company’s effective tax rate to 32%.

Published in The Express Tribune, April 15^th, 2015.

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COMMENTS (2)

Raja Porus | 9 years ago | Reply And Ghaith Pharaon and his family continue to enjoy the looted wealth that they are accumulating from the Attock Group of Companies. The Attock Group was part of the BCCI financial group, and was owned in majority by Sheikh Zayed bin Sultan al Nahayan and by BCCI and the employees of BCCI. Due to Ghaith Pharaon being a nominee shareholder of Attock Group on behalf of BCCI, when BCCI was forefully and politically shut down in 1991 by Western regulators, Ghaith Pharaon stole Attock Group from its rightful owners. Till this day, he is a fugitive from global law enforcement agencies, and he hides somewhere in Syria, although his sons do travel to Pakistan sometimes. Only in Pakistan can an internationally convicted thug like Ghaith Pharaon be the owner of the largest integrated oil and cements group. How unfortunate and a slap on the face of our justice system.

Shahid | 9 years ago | Reply Couldnt you have selected a better picture accompanying a financial report? Very immature.

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