MLCF_FY20 Result Review, (AKD, Off the Analyst's Desk, Sep 11, 2020)
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AKD Research - Off the Analyst's Desk |
Sep 11, 2020 |
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MLCF: FY20 Result Review |
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· Maple Leaf Cement Factory (MLCF) announced results for FY20 where company posted consolidated LAT of PKR3.6bn (LPS: PKR3.24) against PAT of PKR2.5bn (EPS: PkR2.24) for FY19. For 4QFY20, LAT clocked in at PKR832mn (LPS: PKR0.76), witnessing a sequential improvement after LAT stood at PkR960mn (LPS: PkR0.87) for 3QFY20. Though the situation on YoY basis remains weak against a PAT of PkR568mn (EPS: PKR0.52) for 4QFY19. · Gross margins deteriorated sequentially to negative 2% for 4QFY20 against 1% in 3QFY20 which we majorly attribute to higher discounts being provided by the company while lower utilization must have played a part as well. · Operating expenses for 4QFY20 decreased by 26% on YoY basis despite dispatches remaining flat as company has decreased supply to far flung areas, in our view. However increase in operating expenses on sequential basis (16%QoQ) is largely a result of increase in admin expenses of 24%QoQ. Taxation for the quarter stood at negative PKR248mn after company potentially recorded some tax reversals. · Along with the result, company also announced an investment of upto PkR200mn in shape of loans/advances to Kohinoor Textile Mills Ltd (KTML) while company expects a similar nature of reciprocal loan/advances of PkR1.5bn for working capital requirement from KTML. ​ |
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Maple Leaf Cement Factory is engaged in the production and sale of white cement, grey cement and clinker. Co. is a subsidiary of Kohinoor Textile Mills Limited.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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