Maple Leaf Cement Factory Ltd (MLCF) has released its financial results for the fourth quarter of FY26, reporting a consolidated attributable profit of PKR 4.3 billion (EPS: PKR 4.07). This reflects a significant 17% year-on-year increase and an impressive 141% quarter-on-quarter growth, driven by lower-than-expected cost of goods sold (COGS), which enhanced profit margins.

Key highlights from the Q4 FY26 results include: –

**Net Sales:** Recorded at approximately PKR 28.2 billion, marking a 31% increase quarter-on-quarter (QoQ) and a 63% rise year-on-year (YoY). The growth was fueled by the consolidation of Pak Oman Investment Company (PIOC) and increased retention prices, up by around 8% QoQ.

 **Gross Margins:** Increased by 11 percentage points QoQ to about 44%, largely due to a 13% decline in COGS, likely caused by reduced petcoke prices.

**Finance Costs:** Rose by 37% QoQ to PKR 2.0 billion as a result of full-quarter impacts of long-term borrowings for the PIOC acquisition.

**Investments:** MLCF has announced plans to invest up to PKR 2 billion each in Kohinoor Textile Mills Limited and Maple Leaf Capital Limited to support their working capital needs.

**Effective Tax Rate:

** Increased to 40%, up from 33% in the same period last year. MLCF’s strong quarter has positioned it as one of the most efficient players in the cement industry. The company anticipates meaningful synergies from its expertise in biofuels and petcoke as it integrates PIOC. With ongoing diversification efforts into healthcare and fertilizers, the outlook for MLCF remains positive. Investment analysts maintain a Buy rating with a target price of PKR 140 per share.

Sources: IMS Research