The company was incorporated in NWFP as a public limited company under the companies act 1913 (now companies ordinance 1984) and is listed on all stock exchanges of Pakistan. The company is engaged in the production and sale of grey cement. Its manufacturing facilities are located at Kohat NWFP.
It was listed at Karachi Stock Exchange in 1996. Kohat Cement share's closing rate on 2nd August 2004 was Rs 68.50 per 10-rupee share. During the last one year the market value of the share appreciated from Rs 34.20 to Rs 83 per share.
The company has very attractive profit distribution profile. In 2001 it declared cash dividend @35% last year in 2001 it was cash dividend @15% plus bonus stock dividend @50%. For the financial year 2003-04, the interim cash dividend was declared at 30%.
For the existing shareholders, their investment should have been good decisions. But the prospective investors may not find the share at good price easily as in the first seven months of the current calendar year the turnover was relatively modest at 974 thousand shares.
This cement company has third lowest paid-up capital but it is more than billion rupees cement company in terms of total assets and sales. It has achieved very high growth in sales providing surge in its Profit After Taxation (PAT) for the combined three quarter of the financial year 2003-04 (9M 2003-04). This has enabled the company to further enrich its shareholders.
Net sales revenue went up to Rs 1.012 billion but by 39 percent from Rs 0.728 billion in the same period last year (SPLY). PAT rose to Rs 198 millions from Rs 18 millions beating SPLY PAT by nearly 11 times.
The Q3 2003-04 PAT shows remarkable turnaround at Rs 81.55 millions from Q3-2003-04 After Tax Loss of Rs 16.66 millions.
The quarterly as well as combined three quarters results are driven by increased dispatches of cement as well as stable retention prices.
The company is selling up fully automated and computerised white cement plant by the end of the calendar year.
======================================================
Performance Statistics (Million Rupees)
======================================================
Balance sheet -As At-
======================================================
March 31 June 30
2004 2003
======================================================
Share Capital-Paid-up: 786.00 786.00
Share Capital-Paid-up: 329.00 219.33
Reserve & Surplus: 271.56 281.94
Shareholders Equity: 600.56 501.27
L.T Debts: 203.00 191.21
Deferred Liabilities: 133.60 133.78
L.T Security Deposits: 3.21 1.73
Current Liabilities: 358.15 318.96
Fixed Capital Expenditure: 860.73 839.90
L.T Loans & Advances: 3.35 8.69
L.T Deposits: 15.31 14.30
Current Assets: 419.13 284.06
Total Assets: 1,298.52 1,146.95
------------------------------------------------------
Profit & Loss A/c For the
Nine Months Ended March 31 2004 2003
------------------------------------------------------
Sales Net: 1,012.13 728.44
Gross Profit: 357.88 62.66
Operating Profit: 327.32 32.30
Other Income: 3.76 9.16
Financial (Charges): (18.12) (6.59)
Profit Before Taxation: 291.95 31.97
Profit After Taxation: 197.99 18.23
Interim (Dividend) @ Rs 3/-
(2003: Rs 1.50/- Per Share: (98.70) (32.90)
Earning Per Share (Rs): 6.02 0.55
Share Price (Rs) on 02/08/04: 68.50 -
Price/Earning Ratio: 11.30 -
Book Value of Share (Rs): 18.25 22.85
Debt/Equity Ratio: 25:75 27:73
Current Ratio: 1.17 0.89
Gross Profit Margin (%): 35.36 8.60
Net Profit Margin (%): 19.56 2.50
R.O.A (%): 15.25 1.59
======================================================
