Attock Cement Pakistan’s profitability jumps 264% in 1HFY24

Attock Cement Pakistan Ltd posted its financial result for 1HFY23-24 on the Pakistan Stock Exchange (PSX) website on 6 February, wherein it declared a profit after tax (PAT) of PKR2.04bn (US$730.1m) compared to a PAT of PKR560m in the same period last year, a growth of 264 per cent YoY.

The company's profitability in 2QFY23-24 advanced by 12 per cent YoY to PKR497m compared to the year-ago period. Alongside the result, ACPL announced an interim cash dividend of PKR2.50/share in 2QFY23-24.

According to the result review report of AHL Research, the topline in the 1HFY23-24 clocked in at PKR14.638bn, displaying a jump of 41 per cent YoY in contrast to PKR10.373bn in the year-ago period, amid higher volumetric sales. On a quarterly basis, net sales rose by 33 per cent YoY to settle at PKR7.978bn, primarily led by a surge in exports. Local dispatches saw a decline in 2QFY23-24 due to a drop in domestic demand.

The company recorded a one-off gain of PKR2.197bn in the 1HFY23-24 while selling the subsidiary Saqr Al Keetan for Cement Production Company Ltd. The other income in the 1HFY23-24 fell by 44 per cent YoY to settle at PKR83m. In the 2QFY23-24, other income depicted an 18 per cent YoY drop to record PKR56m. Finance costs fell by 33 per cent YoY to PKR53m in the 2QFY23-24.

Attock Cement Pakistan plant at Hub Chowki, Lasbela in Baluchistan and has a production capacity of 3.027Mta.