DG Khan Cement’s half-yearly profit falls 51 percent

KARACHI: DG Khan Cement Company Limited recorded a 51 percent year-on-year decrease in profit to Rs1.671 billion for the half-year ended December 31, translating into earnings per share (EPS) Rs3.82, a bourse filing said on Tuesday.

DG Khan Cement earned Rs3.466 billion with EPS of Rs7.91 in the corresponding period a year earlier. The company didn’t announce any cash dividend.

The board decided to make equity investment of Rs200 million in its associated company Nishat Hotels and Properties, subject to the approval of the shareholders.

Brokerage Topline Securities said financial charges climbed more than six-fold year-on-year

to Rs1.449 billion due to higher debt levels for financing of new

cement line that came online in the second half of the last

calendar year and increase in interest rates.

“We flag further decline in cement prices, unanticipated increase in gas and coal prices and lower than expected local cement demand as key risks for DGKC,” the brokerage said in a report.

Nestle Pakistan’s annual profit drops 21 percent

Nestle Pakistan Limited’s profit dropped 21 percent to Rs11.544 billion for the year ended December 31, translating into EPS of Rs254.57.

Nestle Pakistan earned Rs14.641 billion with EPS of Rs322.86 a year earlier.

The company announced final cash dividend of Rs63/share.

Nestle’s revenue increased to Rs124.614 billion in 2018 from Rs122.214 billion in 2017.

Finance cost increased to Rs1.181 billion compared to Rs1.095 billion a year earlier.

Nishat Mills earns Rs4.7bln in half-year

Nishat Mills Limited (NML) slightly rose 1.6 percent year-on-year to Rs4.742 billion for the half-year ended December 31, translating into EPS of Rs10.84.

Nishat Mills earned Rs4.668 billion with EPS of Rs10.97 in the corresponding period a year earlier.

The company didn’t announce any cash dividend.

NML recorded revenue of Rs46.694 billion in the July-December period compared to Rs40.104 billion in the corresponding period a year earlier.

Topline Securities said NML’s associates’ earnings were down 50 percent year-on-year during 1HFY2019 due to lower profit posted by DG Khan Cement amidst rising input cost and weak local demand.

“Key risks associated to NML are poor cotton crop, increase in regulatory duties on imported raw material and commodity volatility,” it said.

Matco Foods’ profit up 15pc in 1H

Matco Foods Limited’s profit increased 15 percent year-on-year to Rs153.405 million for the six months ended December 31, translating into EPS of Rs1.25.

Matco Foods earned Rs133.714 million with EPS of Rs1.43 in the corresponding period a year earlier.

The company didn’t announce any cash dividend.

Matco Foods’ revenue amounted to Rs3.658 billion in the July-December period as compared to Rs2.649 billion in the corresponding period a year earlier.