Attock Cement Pakistan Limited (PSX: ACPL) announced its financial results for FY24, reporting a significant increase in earnings to Rs. 3.567 billion, up 135% from Rs. 1.516 billion in the same period last year (SPLY). This substantial growth was primarily driven by gains from the sale of its subsidiary, Saqr AL Keetan for Cement Production Company Limited, as noted in a review by Arif Habib Limited.
In the fourth quarter of FY24, the company posted earnings of Rs. 1.348 billion, marking a 194% year-over-year (YoY) increase from Rs. 459 million, largely due to the aforementioned sale. Alongside the financial results, ACPL announced a cash dividend of Rs. 4.00 per share.
READ MORE: PTA Begins Deactivation of SIMs Linked to Expired CNICs
For the full fiscal year, ACPL’s topline reached Rs. 28.5 billion, reflecting a 12% YoY growth from Rs. 25.47 billion in SPLY. This increase was attributed to higher retention prices and a 15% YoY rise in dispatches, totaling 2,341,000 tons.
However, in 4QFY24, net sales declined by 3% YoY to Rs. 6.84 billion, down from Rs. 7 billion in SPLY, due to a 10% YoY drop in local dispatches for the quarter.
Gross margins for FY24 came in at 19%, down from 22% in SPLY, primarily due to a rise in exports. In the fourth quarter, gross margins decreased by 800 basis points to 18% compared to SPLY, driven by the same factors.
Selling and distribution expenses for FY24 increased by 38% YoY, reaching Rs. 2.59 billion, largely due to higher freight charges associated with the axle load factor. However, in 4QFY24, these expenses decreased by 17% YoY to Rs. 473 million, compared to Rs. 569 million in the previous year.
Finance costs for FY24 rose by 18% YoY to Rs. 186 million, driven by an elevated policy rate. In the fourth quarter, finance costs were Rs. 154 million.
The company reported an effective tax rate of 48% in 4QFY24, down from 81% in SPLY. ACPL’s earnings per share (EPS) stood at Rs. 25.95 for FY24, with an EPS of Rs. 9.81 for 4QFY24.
As of the time of reporting, ACPL’s stock was trading at Rs. 94.5, down 1.61% or Rs. 1.55, with 58,403 shares traded on Monday.
