Maple Leaf Cement Factory Limited (MLCF) released its financial results for the first quarter of fiscal year 2027 (1QFY27), reporting consolidated earnings of PKR 3.7 billion (EPS: PKR 3.54), up 36% year-over-year. Ahl Research Ltd. attributes this growth mainly to the consolidation of Pak Oman Investment Company (PIOC) and improved gross margins.
Key Highlights
Revenue surged by 88% year-over-year to PKR 30.9 billion, driven by a 3% increase in total dispatches, with PIOC dispatches up 7% and MLCF dispatches up 2%. Gross margins improved to 39% from 34% last year, driven by higher retention prices for both MLCF and PIOC.
Selling and distribution expenses rose slightly by 4% year-over-year to PKR 0.8 billion. However, net finance costs skyrocketed by 614% to PKR 2.4 billion, largely due to a substantial increase in long-term borrowings, which rose to PKR 80.3 billion from PKR 12.8 billion the previous year.
The consolidated cash position was PKR 14.1 billion, down from PKR 14.5 billion in the prior year. The effective tax rate (ETR) was reported at 39%, up from 33%. MLCF’s stock is currently trading at P/E multiples of 6.0x for FY27 and 4.4x for FY28.
