Karachi, August 31, 2023 (PPI-OT): Kohat Cement Limited

Earnings: Kohat Cement Limited (KOHC) announced its FY23 result. The Company reported unconsolidated earnings of PKR 5.8bn (EPS PKR 29/share), up by +16%y/y. On a quarterly basis, the company reported earnings of PKR 0.5bn (EPS: 2.3/share) compared to earnings of PKR 0.4bn (EPS: 1.96/share) in the same period last year.

Dividend/Payout: The Company did not announce any cash dividend this year.

Operating Performance: During 4qFY23 the Company’s net sales decreased to PKR 9.1bn depicting a decline of 2%y/y. On an annual basis, the Company’s net sales increased to PKR 38.9bn up by +18%y/y. For the quarter, the company’s gross margins slightly dropped to 27% compared to 28% in the previous quarter, and in FY23 gross margins were down to 27% from 30% last year. The company took a tax charge of PKR 2.2bn during the fourth quarter, due to the imposition of a recent super tax announced in the budget FY24.