BWCL: Bestway Cement Limited
Financial Results - 3rd Quarter Ended March 31, 2024
Interim Cash Dividend: Rs 6/- per share
EPS: Rs 5.93 (down from Rs. 5.99 same quarter last year)
Positive Performance Overshadowed by Financial Charges
While Bestway Cement Limited (BWCL) saw strong growth in turnover (16%), gross profit (35%), and operating profit (36%) compared to the third quarter of last year, a significant increase in financial charges (from Rs 1.44 billion to Rs 2.86 billion) impacted the overall profitability.
This rise in financial charges more than doubled year-over-year, limiting profit before tax growth to just 14%. Additionally, a higher tax rate of 36% compared to 26% in the previous quarter further affected profit after tax, which declined slightly to Rs. 3.53 billion.
BWCL pays dividends consistently. For the Financial Year 2024 it has already paid Rs 12/- per share as interim cash dividends in addition to Rs 6/- cash dividend announced with third quarter results.
BWCL is trading around a market price of Rs 218.8 and has gained more than 16% year to date.
The Company is a subsidiary of Bestway International Holdings Limited (BIHL), which holds 56.43% shares in the Company. Bestway International Holdings Limited is a wholly owned subsidiary of Bestway Group Limited (BGL), ("the ultimate parent company"). Both BIHL and BGL have been incorporated in Guernsey.
https://dps.psx.com.pk/download/document/229199.PDF
