Qudsia Bano

Maple Leaf Cement Factory Limited, one of the largest cement manufacturers in Pakistan, has released its financial report for the first half of the ongoing fiscal year 2022-23, showing significant growth in revenue and profitability compared to the same period of the previous year.

According to the report, for the six months ending December 31, 2022, the company's revenue stood at Rs30 million, representing an impressive 36% growth over Rs22 million in the same period of the previous year, reports WealthPK. The gross profit for the same period was reported at Rs8.6 million, a remarkable 51% increase from Rs5.7 million in the same period of the previous year.

Furthermore, the company's profit-before-tax for the six months period was Rs5.2 million, showing an outstanding growth of 56% over Rs3.3 million in the same period of the previous year. Similarly, the net profit was reported at Rs3.5 million, a 48% increase from R2.4 million in the same period of the previous year.

The impressive financial results of the company are attributed to the successful implementation of its strategic plans, including the optimisation of production processes and efficiency enhancement initiatives, resulting in increased sales and improved margins. Additionally, the cement industry in Pakistan has shown resilience and growth, resulting in increased demand for the company's products.

Performance in 2021-22

Maple Leaf Cement Factory showed a significant increase in revenue and profitability in FY22 compared to the previous year. For the year ending June 30, 2022, the company reported total revenue of Rs48.5 million, a noticeable 37% increase from the previous year’s revenue of over Rs35.5 million.

Similarly, the gross profit for the same period was reported at Rs12.2 million, posting a significant 66% increase over Rs7.4 million in the previous year. Despite the impressive growth in revenue and gross profit, the company's profit-before-tax decreased slightly by 1% from Rs7.2 million in FY21 to Rs7.1 million in FY22.

The net profit was reported at Rs3.6 million, representing a significant decline of 42% compared to Rs6.2 million in the previous year. Similarly, the earnings per share (EPS) decreased by 42% from Rs5.69 to Rs3.30. The decrease in net profit and EPS can be attributed to several factors, including the impact of the Covid-19 pandemic, inflationary pressures, and increased competition in the cement industry.

About the company

Maple Leaf Cement Factory was incorporated in Pakistan on April 13, 1960 under the Companies Act, 1913 (now the Companies Ordinance, 1984) as a public company limited by shares. The principal activity of the company is the production and sale of cement. The company is a subsidiary of Kohinoor Textile Mills Limited.

Credit: Independent News Pakistan-WealthPk