Impressive Year for Bestway Cement: Profits Rise by Almost 500%
- Bestway Cement Limited witnessed a stellar increase of almost 500% in profits after tax during the third quarter of the current financial year.
The Profit After Tax (PAT) of Bestway Cement Limited increased by around 495% percent in the third quarter of 2020 as compared to the same period last year.
The PAT for Bestway Cement Limited was recorded around Rs.1.793 billion in the quarter ending on 30th September 2020. The results translate into earnings per share (EPS) of Rs.3.01 as compared to EPS of Rs.0.50 in the same period last year.
The rise in profits comes from an increase in sales revenue which rose to Rs.18.683 billion in the three months ended on September 30, 2020, as compared to Rs.15.475 billion in the same quarter last year. The company also witnessed an increase in other income which was valued at Rs.33.180 million for the third quarter of 2020.
This increase in Bestway Cement Limited revenue during the pandemic can be attributed to the growing demand for cement in Pakistan’s markets.
However, it is also important to note that the rebates and discounts offered by the company have also increased considerably by 38.6 percent in the third quarter of 2020 compared to the same period last year.
The cost of sales have also increased by 9.8 percent to Rs.9.392 billions during the quarter ending on 30th September from Rs.8.553 billion in the same quarter last year. Moreover, while selling, distribution, and other operating expenses declined, administrative costs increased in this quarter.
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