Attock Cement profit falls in FY19

Attock Cement Pakistan Ltd (ACPL) has announced its FY19 results, reporting a net profit after tax fall  to PKR2.073bn (US$12.86m) from PKR4.4bn in FY18, down 53 per cent on YoY. Along with the result, ACPL also announced a final cash dividend of PKR4/share.

The topline of the company grew 26 per cent YoY during FY19 to PKR 20.781bn, led by 29 per cent YoY growth in sales volume (mainly exports), a research house commented. However, financial charges of the company swelled significantly by 158 per cent during FY19, as the company pays off debt taken for its brown-field expansion project along with increased short-term borrowings to finance working capital requirements.

Moreover, during 4Q, the company booked an income of PKR24.6m from its newly-commenced Iraqi cement project, in which ACPL has an equity stake.