Attock Cement Pakistan Ltd (APCL) has reported a YoY rise in first-half net profit of 116 per cent due to a rise in prices and an exemption in taxes.
The Business Recorder notes that the company posted net profit of to PKR507m for the July-December period of the current fiscal against PKR235m in the same period last year. This translates into earnings per share (EPS) of PKR5.86 this year compared to PKR2.72 last year.
Industry analysts are expecting sales to increase in the second half of the year mainly due to domestic sales but also partially due to exports. In addition, higher retention prices and a decline in coal prices will help the company achieve increased profitability.
Cement prices remained at the higher end during 1HFY12 at PKR425/bag compared to PKR339/bag in the corresponding period last year. Thanks to a 20 per cent rise in topline improved cost of sales, the company’s gross profit saw a substantial rise of 94 per cent YoY to PKR1.4bn compared to PKR590m in 1HFY11.
Operating costs rose 12 per cent mainly due to distribution expenses which rose by 10 per cent YoY.
