Maple Leaf Cement FY22-23 profit increases by 24%

Maple Leaf Cement Factory Ltd (MLCF), subsidiary of Kohinoor Textile Mills, announced its financial results for FY22-23 on 6 September 2023. The company posted earnings of PKR4.49bn (US$14.65m) from PKR3.62bn during this period, up 23.9 per cent YoY. The improved profit was supported by higher sales, better retention prices and other income.

According to MLCF filing to the Pakistan Stock Exchange (PSX), its net sales increased by 28 per cent to PKR62.07bn YoY.

MLCF incurred a distribution cost of PKR2bn and administrative expenses of PKR1.38bn compared to PKR1.48bn and PKR 971m in the corresponding period last year. The finance cost jumped to PKR2.751bn from PKR1.741bn, a 58 per cent rise.

 According to Topline Pakistan Research, along with the result, MLCF announced a second buyback of 100m shares (approximately PKR2.9bn) from 27 October 2023 to 15 April 2024. The company has also approved to investment of up to PKR1bn as a loan to Kohinoor Textile Mills and the same amount for Maple Leaf Capital to meet working capital requirements. Moreover, MLCF's board of directors also approved a further equity investment of PKR4bn into wholly-owned subsidiary Novacare Hospital (Pvt) Ltd.