Cherat Cement: 3QFY22 review – Low volumes hurt; broadly in-line

  • CHCC has posted 3QFY22 NPAT of PKR1.1bn (EPS: PKR5.48), down 3% yoy and 10% qoq.

  • GMs have clocked in at 26.7% (down 3.8ppt yoy and a mere 0.6ppt qoq) vs. our estimated gross margins of 26.9%.

  • Despite significant cost pressures amid higher energy prices, CHCC has managed to post decent GMs and net profits in 3Q.
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