Karachi, August 17, 2022 (PPI-OT): Cements – Attock Cement Pakistan Limited

Earnings: Attock Cement Pakistan Limited (ACPL) announced its FY22 result. The Company reported earnings of PKR 1.12mn (EPS PKR 8.11), slightly up by 1.2%y/y. However, on a quarterly basis, company reported loss of PKR 66k (LPS: 0.48/share) unlike earnings of PKR 146mn (EPS: 1.06/share) in the same period last year. This loss is attributable to super tax announced in FY23 budget.

Dividend: The Company announced dividend of PKR 1.5/share (PKR 3.5/share in FY-22).

Operating performance: During 4qfy22 the Company’s net sales decreased to PKR 4,521mn depicting a decline of 7.7%y/y similarly during Fy22, the Company’s net sales decreased to PKR 20.5bn down by 3.6%y/y. For the quarter, weak volumetric sales along with higher input costs dragged company’s gross margins to 14% compared to 19% in previous quarter. This brings average gross margins in FY22, to 18% from 22% last year. The company took a tax charge of 116% during the fourth quarter, due to imposition of recent super tax announced in the budget FY23.