Pakistan’s northern cement producer, Kohat Cement Co Ltd (KOHC), announced its financial results for FY23-24 on the Pakistan Stock Exchange website on 5 September. The company posted a profit after tax (PAT) of PKR8.89bn (US$31.9m), up 53 per cent from last year. The highest-ever annual earnings were possible due to the growth of other income, which increased by 114 per cent to PKR4.45bn during this robust performance.

However, net sales decreased to PKR38.64bn from PKR38.92bn, and the cost of sales also declined to PKR27.39bn from PKR28.48bn during this period. The company incurred a slightly higher distribution cost of PKR197.2m against PKR176.1m. The administrative expenses increased by PKR488m from PKR396.2m. Finance costs in FY23-24 declined by nine percent YoY to PKR677m.

Buyback announced
Along with the result, the company has announced a buyback of 12m ordinary shares (six per cent of the total outstanding shares and 20 per cent of the total free float). The buyback period will commence on 23 October 2024 and end on 12 April 2025.