MLCF_1QFY24 Result Review, (AKD Off the Analyst's Desk Oct 27, 2023)
AKD, Off the Analyst's Desk
MLCF: 1QFY24 Result Review
MLCF announced its 1QFY24 result earlier today where the company posted unconsolidated PAT of PkR1.3bn (EPS: PkR1.2) compared to loss of PkR0.6bn (LPS: PkR0.5) in the previous quarter, where the recorded loss was primarily on the back of higher taxation due to supertax’s retrospective implementation and deferred taxation.
- Net sales of the company clocked in at PkR16.7bn vs. PkR14.9bn in the quarter before, an increase of 11%QoQ, majorly attributable to 2%/6% quarterly increase in sales volume and retention prices, respectively.
- Gross margins of the company improved during the quarter, clocking in at 29.8% vs. 23.7% in 4QFY23. This improvement is possibly due to decline in coal prices and reclassification to distribution expenses.
- Operating expenses surged by 1.4xQoQ, reaching PkR1.6bn vs PkR658mn in the previous quarter. This notable increase is possibly due to aforementioned reclassification in the distribution expenses as previously witnessed in the peer company (FCCL).
- Other income clocked in at PkR75mn, reflecting a growth of 38%QoQ/8.8xYoY, majorly due to increase in ST-investments in the previous quarter (PkR3.7bn at 4QFY24 end, up 4.4xQoQ ).
- Finance cost also increased by 6%/66% QoQ/YoY, clocking in at PkR1,064mn compared to PkR1,003/643mn in 4QFY23/SPLY. These heightened financial charges are majorly due to overall increased effective interest rates.
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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