Maple Leaf Cement Factory Limited | MLCF – Result Preview 4QFY24

• MLCF is anticipated to declare a profit after tax of PKR 1,289mn (EPS: PKR 1.20) in 4QFY24, reflecting an increase of 14%QoQ. Furthermore, the earnings for the FY24 are predicted to reach PKR 5,586mn (EPS: PKR 5.20), 24% YoY increase from PKR 4,492mn (EPS: PKR 4.18) in FY23.
• During the quarter, Sales are expected to reach PKR15,061mn, indicating a decrease of 6%QoQ.
• We expect the gross margins to be around 32%, signalling an increase of 3.6pptQoQ.
• We expect MLCF to pay DPS of PKR2.0.
• Coal prices were USD107.50/ton in 4QFY24, compared to USD119.83/ton in 4QFY23 and USD96.46/ton in 3QFY24, down 10.28% year over year and up 11.44% quarter over quarter.
• The discount rate is 20.50% in 4QFY24 compared to 22% in 4QFY23, down 1.5%YoY.
• Average retention price up 6.58%YoY.
• Local dispatches were 853K MT in 4QFY24, compared to 960K in 4QFY23 and 897K in 3QFY24, down 11.11% year over year and 4.82% QoQ.
• Export dispatches were 51K MT in 4QFY24 compared to 36k MT in 4QFY23 and 24k MT in 3QFY24, up 40.46%YoY and 106%QoQ.

 Courtesy – AHCML Research