Cherat Cement Records Rs 3.21 billion Profit
Last fiscal year, Cherat Cement Limited (CHCC) declared a profit of Rs3.21 billion. This significantly increased over the previous year’s loss of Rs1.89bn.
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This change in the bottom line in FY21 results from enhanced dynamics in the construction industry, a rise in retention price, and a decline in finance costs.
During the period under review, the company’s top line increased by 47.5% year-over-year to Rs25 billion due to stronger domestic sales, a higher retention price of PKR324 per bag, and a lack of discounts, according to research by Darson Securities. As a result, gross margins increased from 2% to 27% in FY21.
The distribution and administrative expenses increased by 18.6% and 7.2% year-over-year to Rs429mn and Rs291mn, respectively.
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Meanwhile, the company’s financing costs decreased by 40% year-over-year to Rs1.52bn due to de-leveraging debt (short-term) and a reduced interest rate.
In line with its financial results, the corporation declared a final cash dividend of Rs1.25 per share or 12.50 percent.
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