Attock Cement posts Rs852 million profits in H1 of FY22

KARACHI: The unconsolidated profit of Attock Cement Pakistan Limited (ACPL) showed an increase of 56 per cent to Rs852 million translating into the earnings per share of Rs6.20 in the first half of fiscal year 2022, a bourse filing showed.

The company’s unconsolidated profit was recorded at Rs545 million during the same period last year.

On a quarterly basis, the company’s profit jumped 114 per cent on a quarter-on-quarter basis and 37 per cent on a year-on-year basis to reach Rs581 million in the second quarter of 2022.

The profitability of the company picked up on the account of massive increase in other income. The company disbursed a dividend of Rs2/share in the second quarter of fiscal year 2022.

The other income of the company massively augmented 17 per cent on a year-on-year basis and 12 per cent on a quarter-on-quarter basis to Rs577 million in the second quarter of fiscal year 2022. The surge in other income is attributed to the dividend income coming from its subsidiary Saqr Al Keetan.

The revenues of the company noted a surge of 22 per cent quarter-on-quarter basis to Rs5.4 billion in the second quarter of FY22, as against Rs4.4 billion in the first quarter of FY22.

The higher retention prices along with 27 per cent quarter-on-quarter growth in the despatches to 677,000 tonnes supported the revenues of the company. Resultantly, the gross margins of the company during the said period scaled up to 20 per cent.

On the other hand, the distribution cost of the company plunged 45 per cent on a year-on-year basis in the second quarter of FY22 to Rs420 million, due to the downward trend on the export front.