Maple Leaf Cement Factory Ltd (MLCF) uploaded its financial results for FY23-24 to the Pakistan Stock Exchange (PSX) on 11 September 2024. The company posted a profit after tax (PAT) of PKR6.891bn (US$24.7m), an increase of 19 per cent YoY compared to PKR5.771bn in the previous period.
According to AHL Research, the topline of MLCF during FY23-24 increased by seven per cent YoY to PKR66.452bn. The revenue growth comes on the back of higher retention prices. Selling and distribution expenses in FY23-24 climbed by 173 per cent YoY to clock in at PKR5.472bn amid elevated freight charges given higher exports coupled with the implementation of axle load factor. Other income also surged in FY23-24 to clock in at PKR427m due to higher income from cash and cash balances. Finance costs in FY23-24 surged by 48 per cent YoY to PKR3.535bn.
Meanwhile, the Board of Directors has approved an investment of up to PKR1bn in loans/advances to Kohinoor Textile Mills Ltd (KTML) to support its working capital needs, pending shareholder approval under Section 199 of the Companies Act 2017.
