IGI Securities Limited - Flash Note 22-04-2022

FLASHNEWS:

LDA Plans Upgrades for Lahore’s Katchi Abadis to Enhance Living Conditions

LDA to Auction Prime Commercial Plots in Lahore’s Finance and Trade Central

DHA Quetta to Hold Sector A6 Ballot on May 18, Offers Instalment Relief

Karachi Administration Orders Evacuation of Decaying Buildings for Public Safety

Faisalabad Electric Supply Company Promotes 18 Junior Engineers to Senior Positions

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IGI Securities Limited – Flash Note 22-04-2022

April 22, 2022

Karachi, April 22, 2022 (PPI-OT): Cements – Attock Cement Pakistan Limited

Earnings: Attock Cement Pakistan Limited (ACPL) reported its 3qFy22, financial results. As per the unconsolidated financials, the company reported profit of PKR 329mn or PKR 2.39/share compared to last year profits of PKR 414mn or PKR 3.0/share, down -21% similarly on a quarterly, basis earnings is down by -43%q.

Dividends/Payouts: The Company did not announce any dividend.

Operating performance: The Company recorded net sales of PKR 6,141mn up by +15%y (+14%q). Gross margins during the period clocked in at 19% compared to 23% last year same period down by -4%. As a result, company’s EBIT decreased to PKR 635mn down by -3%y (-38%q). Financing cost decreased to PKR 53mn down by -21%y, while effective tax charge clocked in at 44% compared to last quarter 39%.