Attock Cement achieves PKR4.40bn net profit in FY18

The Attock Cement company has announced its FY18 annual financial results, which shows its profit after tax at PKR4.40bn (US$35.8m) as compared to PKR3.03bn in the same period last year. It translates a growth of 45 per cent in profit YoY basis.

Net sales of the company during FY18 have increased by 15 per cent YoY to PKR16.884bn, mainly achieved on account of impressive growth trend witnessed in local sales and impact of fresh capacity worth 1.24Mt resolving capacity constraints, an analyst of local research house observed.

The company has recorded a substantial tax reversal amounting to PKR 2.01bn in 4QFY18 likely owing to 10 per cent tax credit on the amount of plant and machinery invested in its expansion plant (brought around in Jan this year) as allowed by Section 65B of the Income Tax Ordinance.

The company announced a cash dividend of PKR8.00/share and 20 per cent bonus share issue along with the result, sent to Pakistan Stock Exchange (PSX) on 15 August.