Attock Cement Pakistan reports 35% YoY profit growth

Attock Cement Pakistan Ltd (ACPL) has announced its financial results for FY23 (ended 30 June 2023), posting a profit after tax of PKR1.516bn (US$4.98m) compared to PKR1.122bn in the same period last year. This marks a 35 per cent YoY increase.

According to AHL Research, net revenue in FY23 came in at PKR25.477bn, up 24 per cent YoY from PKR20.479bn in FY22. Although total cement dispatches fell 11 per cent YoY to 2.032Mt, the increase in retention price was more than adequate to offset the impact.

Distribution and administrative expenses rose to PKR1.88bn and PKR727m, respectively, in FY23, versus PKR1.29bn and PKR640m in the same period a year earlier. In FY23, finance costs rose by 12 per cent YoY to PKR289m, driven by higher interest rates.