Qudsia Bano

Attock Cement Pakistan Limited, has announced its financial results for the first half of the ongoing fiscal year 2022-23, reporting an 11% increase in revenue year-on-year. The company’s sales increased to Rs6 billion in 1HFY23 from Rs5.3 billion over the same period of FY22. The company's gross profit in 1HFY23 stood at Rs1.3 billion, showing an increase of 27% over Rs1 billion reported in the same period of FY22, reports WealthPK.

However, the profit-before-tax for the period decreased by 15% to Rs811 million from Rs954 million in FY22. The company’s net profit in 1HFY23 also decreased 23% to Rs444 million from Rs581 million in 1HFY22. Despite the challenging economic environment, the company continued to show growth in revenue and gross profit.

Performance in 2021-22

The company reported a total revenue of Rs20.4 billion in 2021-22, showing a slight decrease of 4% over Rs21.2 billion sales in 2020-21. The gross profit for the fiscal year was Rs3.7 million, representing a decrease of 20% over Rs4.6 billion reported in the previous fiscal year. However, the company's profit-before-tax increased by a significant 50% to Rs2.3 billion in FY22 from Rs1.5 billion in FY21.

The net profit for FY22 stood at Rs1.121 billion, representing a slight increase of 1% year on year. The earnings per share for the year inched up to Rs8.16 from Rs8.06 in the previous fiscal year. The decrease in revenue was primarily due to decline in the domestic demand for cement and a decrease in exports. However, the increase in profit-before-tax was attributed to the company's focus on cost optimisation and operational efficiency, resulting in lower expenses.

About the company

Attock Cement Pakistan was incorporated in Pakistan on October 14, 1981, as a public limited company. The company is a subsidiary of Pharaon Investment Group Limited Holding SAL, Lebanon.

Credit: Independent News Pakistan-WealthPk