Maple Leaf Cement Factory Limited (PSX: MLCF) has reported a profit after tax (PAT) of Rs. 4.3 billion during the first half of the financial year (FY) 2022-23.
The company reported a 56 percent increase in its profit as compared to Rs. 2.75 billion in 1HFY22. During the quarter October-December FY23, profit clocked in at Rs. 2.93 billion, up 53 percent from Rs. 1.92 billion in 2QFY22.
The Board of Directors did not announce a cash dividend to its shareholders for the period in review.
Net sales of the company clocked at Rs. 30 billion in 1HFY23, up by 36 percent as compared to Rs. 22.1 billion in 1HFY22 supported by an over 50 percent hike in retention prices which offset the impact of an 8 percent decline in dispatches, according to Arif Habib Limited (AHL). The topline jumped by 40.8 percent from Rs. 12.2 billion to Rs. 17.2 billion in 2QFY23.
Gross margins in 2QFY23 clocked in at 32.7 percent versus 31.8 percent last year on the back of strong sales growth which countered the impact of volumetric decline, augmented coal prices, higher electricity tariff, and PKR drop.
The other income of the company in the half year saw an increase of 42 percent to Rs. 59.75 million compared to Rs. 42.07 million in the same period last year.
MLCF paid Rs. 974 million on account of taxation during 1HFY23. Meanwhile, the finance cost of the company jumped 60.3 percent from Rs. 676 million to Rs. 1.08 billion during the half year.
Administrative expenses clocked in at Rs. 690 million while the distribution costs were Rs. 884 million during 1HFY23.
Earnings per share of MLCF were reported at Rs. 4.01 in 1HFY23 as compared to Rs. 2.51 during the same period of the previous year.
The company’s scrip at the bourse closed at Rs. 24.03, up 7.47 percent or Rs. 1.67 with a turnover of 22,383,945 shares on Wednesday.