Maple Leaf Cement Factory's profit falls 13% in 9MFY23-24

Maple Leaf Cement Factory Ltd (MLCF) announced its financial result for the 9MFY23-24 on the Pakistan Stock Exchange website on 25 April, posting a profit after tax (PAT) of PKR5.374bn (US$19.26m) compared to a PAT of PKR6.185bn in the same period of the previous year, down by 13 per cent YoY. Earnings per share (EPS) declined to PKR5.01 in the 9MFY23-24 from PKR5.76 in the year-ago period.

The result highlights from AHL Research said that the topline in the 9MFY23-24 arrived at PKR50.729bn in contrast to PKR47.00bn in the 9MFY23-24, showing an advance of eight per cent YoY. The revenue growth comes on the back of higher retention prices.

Selling and distribution expenses in 9MFY23-24 grew 39 per cent YoY to PKR4.112bn amid elevated freight charges, given higher exports of 113,000t (up 31 per cent YoY) coupled with the implementation of axle load factor. Finance costs in the 9MFY23-24 surged by 80 per cent YoY to PKR687bn due to a higher policy rate.

3QFY23-24
In the 3QFY24 the earnings settled at PKR1.505bn compared to PKR1.876bn in the 3QFY22-23, registering a decline of 20 per cent YoY. EPS decreased to PKR1.40 in the 3QFY23-24 from PKR1.75.

3QFY23-24 net sales declined by six per cent YoY to settle at PKR15.980bn, primarily due to lower volumetric sales.

In the 3QFY23-24, selling and distribution expenses arrived at PKR1.316bn compared to PKR1.305bn, a meagre uptick of one per cent. The finance cost arrived at PKR825n, displaying a jump of 102 per cent YoY, due to ta higher policy rate.

The company booked effective taxation at 35 per cent in the 3QFY23-24 compared to 30 per cent in 3QFY22-23.