Attock Cement Pakistan Reports Significant Profit Growth in Fiscal Year 2024

Karachi: Attock Cement Pakistan Limited witnessed a notable increase in its profitability for the fiscal year ended June 30, 2024, with the company posting a total comprehensive income of Rs. 3.72 billion, a significant rise from Rs. 1.68 billion in the previous year.

The company’s revenue from contracts with customers rose to Rs. 28.54 billion, up from Rs. 25.48 billion in 2023. Despite a rise in cost of sales to Rs. 23.24 billion from Rs. 19.80 billion, the gross profit marginally decreased to Rs. 5.29 billion from Rs. 5.67 billion.

According to information available from the Pakistan Stock Exchange (PSX), Attock Cement’s operational performance was bolstered by a substantial gain on the disposal of a subsidiary, amounting to Rs. 4.29 billion, which significantly impacted the profit from operations that stood at Rs. 1.98 billion compared to Rs. 3.17 billion in the prior year.

The company managed to reduce other expenses from Rs. 201.23 million to Rs. 87.23 million and earned other income of Rs. 158.91 million, down from Rs. 304.95 million. Profit before income tax soared to Rs. 5.83 billion, nearly doubling from Rs. 2.81 billion due to the extraordinary gain and operational efficiencies.

Attock Cement also faced a finance cost of Rs. 339.88 million, an increase from Rs. 289.24 million in 2023, and shared a net income of Rs. 13.23 million from an associate accounted for using the equity method. After accounting for levies and income tax expenses, the profit for the year stood at Rs. 3.57 billion, substantially higher than Rs. 1.52 billion recorded last year.

Earnings per share also saw a substantial increase, from Rs. 11.03 to Rs. 25.95, reflecting the overall growth in profitability for the year.

The post Attock Cement Pakistan Reports Significant Profit Growth in Fiscal Year 2024 appeared first on .