Income Statement Thatta Cement Company Limited

Stocks

THCCL

PK0080801019

Construction Materials

End-of-day quote Pakistan S.E. 2026-09-11			5-day change	1st Jan Change
79.12 ^PKR	-0.98%		+1.95%	-6.01%

09-07	Thatta Cement Company Limited Announces Appointment of Sidra Zakir as the Chief Financial Officer, Effective September 07, 2026	CI
07-20	Thatta Cement Company Limited Announces Cessation of Muhammad Owais as Chief Financial Officer	CI

139a395ce882dff5c54.cvhKYL9ICcK_xeP9DB-PVslK0UjiMXETKkKdyyhlq4c.CMkzE8sxPoDyh5e2T0nAY48zuS-NcANaZS7fnB4c_uwEoHMr9Slx88uIjA

Published financial data: THATTA CEMENT COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021 (PKR)	2022 (PKR)	2023 (PKR)	2024 (PKR)	2025 (PKR)
Revenues	2.79B	4.39B	5.53B	7.68B	9.44B
Total Revenues	2.79B	4.39B	5.53B	7.68B	9.44B
Cost of Goods Sold, Total	2.18B	3.92B	4.86B	5.33B	6.49B
Gross Profit	606M	478M	664M	2.35B	2.95B
Selling General & Admin Expenses, Total	179M	180M	239M	205M	214M
Provision for Bad Debts	3.78M	-	-	-	-
Other Operating Expenses	3.88M	2.08M	27.02M	183M	-272M
Other Operating Expenses, Total	187M	182M	266M	388M	-58.51M
Operating Income	419M	295M	397M	1.97B	3.01B
Interest Expense, Total	-133M	-152M	-206M	-235M	-198M
Interest And Investment Income	32.22M	20.38M	144M	499M	563M
Net Interest Expenses	-100M	-131M	-61.72M	264M	365M
Currency Exchange Gains (Loss)	15.02M	-32.41M	-3.85M	-199K	204K
Other Non Operating Income (Expenses)	-8.21M	-8.48M	64.66M	2.25M	-4.84M
EBT, Excl. Unusual Items	326M	123M	397M	2.23B	3.37B
Gain (Loss) On Sale Of Investments	-	-	-	-	63.92M
Gain (Loss) On Sale Of Assets	662K	1.39M	45.97M	48.57M	1.8M
Asset Writedown	-3.95M	-307K	-4.65M	-5.65M	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	322M	124M	438M	2.27B	3.44B
Income Tax Expense	55.64M	37.78M	128M	996M	1.09B
Earnings From Continuing Operations	267M	86.43M	310M	1.28B	2.34B
Net Income to Company	267M	86.43M	310M	1.28B	2.34B
Minority Interest	-24.37M	12.35M	-22.76M	83.56M	51.87M
Net Income - (IS)	242M	98.78M	287M	1.36B	2.4B
Net Income to Common Incl Extra Items	242M	98.78M	287M	1.36B	2.4B
Net Income to Common Excl. Extra Items	242M	98.78M	287M	1.36B	2.4B
Per Share Items
Net EPS - Basic	0.49	0.2	0.58	2.98	5.66
Basic EPS - Continuing Operations	0.49	0.2	0.58	2.98	5.66
Basic Weighted Average Shares Outstanding	499M	499M	499M	458M	424M
Net EPS - Diluted	0.49	0.2	0.58	2.98	5.66
Diluted EPS - Continuing Operations	0.49	0.2	0.58	2.98	5.66
Diluted Weighted Average Shares Outstanding	499M	499M	499M	458M	424M
Normalized Basic EPS	0.36	0.18	0.45	3.23	5.1
Normalized Diluted EPS	0.36	0.18	0.45	3.23	5.1
Dividend Per Share	0.05	-	-	0.2	0.2
Payout Ratio	0.09	25.08	0.01	0	5.49
Supplemental Items
EBITDA	642M	526M	642M	2.24B	3.31B
EBITA	419M	295M	397M	1.97B	3.01B
EBIT	419M	295M	397M	1.97B	3.01B
Total Revenues (As Reported)	-	-	-	7.68B	9.44B
Effective Tax Rate - (Ratio)	17.26	30.41	29.28	43.78	31.83
Current Domestic Taxes	56.66M	58.08M	127M	912M	827M
Total Current Taxes	56.66M	58.08M	127M	912M	827M
Deferred Domestic Taxes	-1.02M	-18.62M	1.62M	71.29M	331M
Total Deferred Taxes	-1.02M	-18.62M	1.62M	71.29M	331M
Normalized Net Income	179M	89.3M	225M	1.48B	2.16B
Interest on Long-Term Debt	111M	119M	156M	185M	134M
Non-Cash Pension Expense	1.47M	4.29M	-57.98M	-	-
Supplemental Operating Expense Items
Advertising Expense	1.02M	666K	599K	1.45M	2.29M
Marketing Expenses	-	-	-	7.05M	7.37M
Selling and Marketing Expenses	77.74M	58.98M	89M	56.06M	48.07M
General and Administrative Expenses	102M	121M	150M	148M	166M

Fiscal Period: June	2021 (PKR)	2022 (PKR)	2023 (PKR)	2024 (PKR)	2025 (PKR)
Assets
Cash And Equivalents	334M	238M	684M	2.99B	4.23B
Total Cash And Short Term Investments	334M	238M	684M	2.99B	4.23B
Accounts Receivable, Total	1.14B	1.55B	970M	745M	1.23B
Other Receivables	265M	241M	223M	70.13M	173M
Notes Receivable	-	-	300M	-	250M
Total Receivables	1.41B	1.79B	1.49B	815M	1.65B
Inventory	662M	864M	1.15B	473M	953M
Prepaid Expenses	2.96M	4.23M	3.9M	5.49M	7.51M
Other Current Assets, Total	348M	717M	530M	1.46B	501M
Total Current Assets	2.75B	3.62B	3.86B	5.74B	7.34B
Gross Property Plant And Equipment	6.87B	7.02B	7.05B	7.57B	-
Accumulated Depreciation	-2.72B	-2.95B	-3.24B	-3.5B	-
Net Property Plant And Equipment	4.15B	4.07B	3.81B	4.06B	5.29B
Long-term Investments	-	-	-	-	-
Other Intangibles, Total	-	5.26M	4.1M	2.92M	1.76M
Other Long-Term Assets, Total	1.1M	3.8M	5.12M	28.22M	5.12M
Total Assets	6.9B	7.7B	7.68B	9.84B	12.64B
Liabilities
Accounts Payable, Total	72.03M	505M	375M	484M	534M
Accrued Expenses, Total	326M	264M	677M	1.15B	1.46B
Short-term Borrowings	161M	212M	207M	198M	198M
Current Portion of Long-Term Debt	250M	313M	751M	751M	751M
Current Portion of Leases	-	6.49M	-	-	-
Current Income Taxes Payable	-	-	-	650M	489M
Unearned Revenue Current, Total	34.84M	712M	268M	137M	334M
Other Current Liabilities	191M	9.82M	11.06M	7.88M	28.79M
Total Current Liabilities	1.04B	2.02B	2.29B	3.37B	3.79B
Long-Term Debt	799M	554M	-	-	-
Long-Term Leases	-	35.73M	-	-	-
Pension & Other Post Retirement Benefits	15.11M	18.59M	19.69M	-	-
Deferred Tax Liability Non Current	308M	278M	278M	349M	680M
Other Non Current Liabilities	2.79M	2.79M	2.79M	22.79M	3.79M
Total Liabilities	2.16B	2.91B	2.59B	3.74B	4.48B
Common Stock, Total	997M	997M	997M	847M	847M
Additional Paid In Capital	99.72M	99.72M	99.72M	99.72M	99.72M
Retained Earnings	2.75B	2.83B	3.12B	4.35B	7.06B
Comprehensive Income and Other	-	-20.43M	-25.1M	-25.1M	-25.1M
Total Common Equity	3.85B	3.9B	4.19B	5.27B	7.98B
Minority Interest	894M	882M	905M	821M	179M
Total Equity	4.74B	4.79B	5.09B	6.09B	8.16B
Total Liabilities And Equity	6.9B	7.7B	7.68B	9.84B	12.64B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	499M	499M	499M	424M	424M
ECS Total Common Shares Outstanding	499M	499M	499M	424M	424M
Book Value / Share	7.72	7.83	8.4	12.45	18.84
Tangible Book Value	3.85B	3.9B	4.18B	5.27B	7.98B
Tangible Book Value Per Share	7.72	7.82	8.39	12.44	18.84
Total Debt	1.21B	1.12B	958M	949M	949M
Net Debt	877M	884M	273M	-2.04B	-3.28B
Debt Equivalent of Unfunded Proj. Benefit Obligation	30.97M	50.9M	-4.68M	-23.1M	-
Minority Interest, Total (Incl. Fin. Div)	894M	882M	905M	821M	179M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	58.41M	88.48M	102M	34.28M	55.37M
Inventories - Work In Process, Total	330M	418M	731M	152M	6.63M
Inventories - Finished Goods, Total	43.28M	59.62M	92.98M	64.56M	497M
Inventories - Others	264M	347M	274M	264M	444M
Land - (BS)	6.42M	6.42M	6.42M	6.42M	-
Buildings, Total	733M	733M	734M	748M	-
Machinery, Total	5.93B	6B	6.11B	6.43B	-
Full Time Employees	497	501	493	409	408
Accumulated Allowance for Doubtful Accounts (Supple)	78.89M	75.11M	75.34M	75.34M	75.76M

Fiscal Period: June	2021 (PKR)	2022 (PKR)	2023 (PKR)	2024 (PKR)	2025 (PKR)
Net Income	242M	98.78M	287M	1.36B	2.4B
Depreciation & Amortization - CF	223M	234M	249M	270M	298M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	223M	234M	249M	270M	298M
Amortization of Deferred Charges, Total - (CF)	4.83M	5.41M	10.82M	1.17M	1.17M
(Gain) Loss From Sale Of Asset	-662K	-1.39M	-45.97M	-48.57M	-1.8M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	727K	-	-	-	-
Provision and Write-off of Bad Debts	3.78M	-3.78M	233K	-	420K
Other Operating Activities, Total	56.45M	58.06M	169M	1.06B	239M
Change In Accounts Receivable	-206M	-408M	582M	225M	-482M
Change In Inventories	107M	-217M	-288M	686M	-488M
Change In Accounts Payable	122M	817M	-238M	101M	355M
Change in Other Net Operating Assets	5.73M	-31.18M	-12.85M	-35.3M	-215M
Cash from Operations	559M	552M	712M	3.62B	2.1B
Capital Expenditure	-52.35M	-113M	-66.13M	-533M	-1.52B
Sale of Property, Plant, and Equipment	662K	1.5M	83.66M	49.97M	1.8M
Cash Acquisitions	-	-	-	-	-138M
Sale (Purchase) of Intangible assets	-	-5.85M	-	-	-
Investment in Marketable and Equity Securities, Total	-	-368M	150M	-867M	1.19B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-250M
Other Investing Activities, Total	-	-2.7M	-1.33M	20M	-19M
Cash from Investing	-51.69M	-488M	166M	-1.33B	-735M
Short Term Debt Issued, Total	-	-	-	300M	-
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	300M	-
Short Term Debt Repaid, Total	-	-	-300M	-	-
Long-Term Debt Repaid, Total	-87.99M	-188M	-125M	-	-
Total Debt Repaid	-87.99M	-188M	-425M	-	-
Repurchase of Common Stock	-	-	-	-277M	-
Common Dividends Paid	-225K	-24.78M	-15K	-24K	-132M
Common & Preferred Stock Dividends Paid	-225K	-24.78M	-15K	-24K	-132M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	-88.22M	-213M	-425M	23.42M	-132M
Net Change in Cash	419M	-148M	453M	2.32B	1.24B
Supplemental Items
Cash Interest Paid	151M	116M	112M	54.29M	65.45M
Cash Income Tax Paid (Refund)	13.29M	14.39M	37.2M	171M	925M
Levered Free Cash Flow	396M	117M	354M	2.32B	620M
Unlevered Free Cash Flow	474M	207M	474M	2.46B	744M
Change In Net Working Capital	-41.41M	92.85M	-41.35M	-1.5B	-82.92M
Net Debt Issued / Repaid	-87.99M	-188M	-425M	300M	-

Fiscal Period: June	2021 (PKR)	2022 (PKR)	2023 (PKR)	2024 (PKR)	2025 (PKR)
Profitability
Return on Assets	3.84	2.53	3.23	14.02	16.76
Return on Total Capital	4.41	3.11	4.15	18.77	23.31
Return On Equity %	5.78	1.81	6.27	22.86	32.89
Return on Common Equity	6.5	2.55	7.09	28.8	36.16
Margin Analysis
Gross Profit Margin %	21.74	10.87	12.01	30.63	31.28
SG&A Margin	6.43	4.1	4.33	2.66	2.26
EBITDA Margin %	23.04	11.97	11.62	29.1	35.06
EBITA Margin %	15.03	6.72	7.19	25.58	31.9
EBIT Margin %	15.03	6.72	7.19	25.58	31.9
Income From Continuing Operations Margin %	9.56	1.97	5.6	16.64	24.82
Net Income Margin %	8.69	2.25	5.19	17.73	25.37
Net Avail. For Common Margin %	8.69	2.25	5.19	17.73	25.37
Normalized Net Income Margin	6.42	2.03	4.07	19.24	22.87
Levered Free Cash Flow Margin	14.21	2.67	6.41	30.13	6.57
Unlevered Free Cash Flow Margin	17.01	4.72	8.57	32.04	7.88
Asset Turnover
Asset Turnover	0.41	0.6	0.72	0.88	0.84
Fixed Assets Turnover	0.66	1.07	1.4	1.95	2.02
Receivables Turnover (Average Receivables)	2.68	3.27	4.38	8.96	9.58
Inventory Turnover (Average Inventory)	3.04	5.13	4.83	6.57	9.11
Short Term Liquidity
Current Ratio	2.66	1.79	1.69	1.7	1.94
Quick Ratio	1.68	1	0.82	1.13	1.48
Operating Cash Flow to Current Liabilities	0.54	0.27	0.31	1.07	0.55
Days Sales Outstanding (Average Receivables)	135.98	111.79	83.25	40.84	38.1
Days Outstanding Inventory (Average Inventory)	120.11	71.11	75.57	55.7	40.08
Average Days Payable Outstanding	9.77	25.59	31.2	33.78	26.66
Cash Conversion Cycle (Average Days)	246.32	157.3	127.61	62.76	51.52
Long Term Solvency
Total Debt/Equity	25.52	23.43	18.81	15.57	11.63
Total Debt / Total Capital	20.33	18.98	15.83	13.47	10.42
LT Debt/Equity	16.85	12.32	-	-	-
Long-Term Debt / Total Capital	13.43	9.98	-	-	-
Total Liabilities / Total Assets	31.29	37.83	33.71	38.06	35.42
EBIT / Interest Expense	3.16	1.95	1.93	8.35	15.22
EBITDA / Interest Expense	4.85	3.49	3.13	9.5	16.73
(EBITDA - Capex) / Interest Expense	4.45	2.74	2.81	7.23	9.04
Total Debt / EBITDA	1.88	2.12	1.48	0.42	0.29
Net Debt / EBITDA	1.36	1.67	0.42	-0.91	-0.99
Total Debt / (EBITDA - Capex)	2.05	2.69	1.65	0.56	0.53
Net Debt / (EBITDA - Capex)	1.49	2.12	0.47	-1.2	-1.83
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.5	57.59	25.79	39.02	22.91
Gross Profit, 1 Yr. Growth %	55.54	-21.22	38.97	254.63	25.2
EBITDA, 1 Yr. Growth %	60.69	-18.12	24.52	247.96	47.59
EBITA, 1 Yr. Growth %	96.67	-29.52	39.28	394.54	52.68
EBIT, 1 Yr. Growth %	96.67	-29.52	39.28	394.54	52.68
Earnings From Cont. Operations, 1 Yr. Growth %	572.04	-67.59	258.27	312.9	83.34
Net Income, 1 Yr. Growth %	-800.34	-59.23	190.45	374.79	75.9
Normalized Net Income, 1 Yr. Growth %	-651.13	-50.15	152.05	556.74	46.12
Diluted EPS Before Extra, 1 Yr. Growth %	-800.34	-59.23	190.45	1.28K	75.9
Accounts Receivable, 1 Yr. Growth %	21.58	36.1	-37.5	-23.17	64.6
Inventory, 1 Yr. Growth %	-14.47	30.5	33.1	-58.9	101.59
Net Property, Plant and Equip., 1 Yr. Growth %	-4.04	-1.83	-6.46	6.63	30.17
Total Assets, 1 Yr. Growth %	2.42	11.52	-0.23	28.08	28.43
Tangible Book Value, 1 Yr. Growth %	6.65	1.31	7.27	25.98	51.43
Common Equity, 1 Yr. Growth %	6.65	1.44	7.23	25.93	51.38
Cash From Operations, 1 Yr. Growth %	142.13	-1.3	28.93	409.21	-41.97
Capital Expenditures, 1 Yr. Growth %	-56.31	115.47	-41.37	705.47	185.6
Levered Free Cash Flow, 1 Yr. Growth %	265.82	-70.39	219.07	513.32	-73
Unlevered Free Cash Flow, 1 Yr. Growth %	129.98	-56.28	135.54	395.73	-69.56
Dividend Per Share, 1 Yr. Growth %	-	-	-	-	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-17.88	34.33	40.79	32.24	30.71
Gross Profit, 2 Yr. CAGR %	-24.96	10.69	4.63	122	110.99
EBITDA, 2 Yr. CAGR %	-16.65	14.71	0.01	108.15	127.01
EBITA, 2 Yr. CAGR %	-24.2	17.73	-2.62	162.45	175.32
EBIT, 2 Yr. CAGR %	-24.06	17.73	-2.62	162.45	175.32
Earnings From Cont. Operations, 2 Yr. CAGR %	-30.97	47.59	7.76	284.62	175.14
Net Income, 2 Yr. CAGR %	-24.9	68.97	8.82	271.35	188.99
Normalized Net Income, 2 Yr. CAGR %	-20.74	65.76	12.1	306.86	209.78
Diluted EPS Before Extra, 2 Yr. CAGR %	-24.9	68.97	8.82	287.56	411.99
Accounts Receivable, 2 Yr. CAGR %	13.7	28.64	-7.77	-30.7	12.45
Inventory, 2 Yr. CAGR %	-4.95	5.64	31.79	-26.04	-8.98
Net Property, Plant and Equip., 2 Yr. CAGR %	-2.79	-2.94	-4.18	-0.13	17.81
Total Assets, 2 Yr. CAGR %	0.54	6.87	5.48	13.04	28.26
Tangible Book Value, 2 Yr. CAGR %	2.83	3.95	4.24	16.25	38.12
Common Equity, 2 Yr. CAGR %	2.83	4.02	4.3	16.2	38.07
Cash From Operations, 2 Yr. CAGR %	-4.18	54.59	12.81	156.22	71.9
Capital Expenditures, 2 Yr. CAGR %	-78.99	-2.97	12.4	117.31	379.63
Levered Free Cash Flow, 2 Yr. CAGR %	-25.9	4.07	-5.44	356.56	28.17
Unlevered Free Cash Flow, 2 Yr. CAGR %	-16.31	0.27	-0.07	249.94	22.37
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-9.76	2.05	31.42	40.2	29.05
Gross Profit, 3 Yr. CAGR %	-19.97	-23.74	19.41	57.17	83.58
EBITDA, 3 Yr. CAGR %	-17	-17.14	17.13	51.54	85.82
EBITA, 3 Yr. CAGR %	-23.93	-26.02	23.09	67.39	119.38
EBIT, 3 Yr. CAGR %	-23.85	-25.92	23.09	67.39	119.38
Earnings From Cont. Operations, 3 Yr. CAGR %	-28.9	-46.35	98.36	68.63	200.45
Net Income, 3 Yr. CAGR %	-25.97	-38.74	102.41	77.81	189.48
Normalized Net Income, 3 Yr. CAGR %	-23.74	-32.09	90.61	102.08	189.2
Diluted EPS Before Extra, 3 Yr. CAGR %	-25.97	-38.74	102.41	82.95	205.64
Accounts Receivable, 3 Yr. CAGR %	30.49	20.72	1.13	-13.22	-7.54
Inventory, 3 Yr. CAGR %	-17.15	5.64	14.1	-10.63	3.32
Net Property, Plant and Equip., 3 Yr. CAGR %	6.93	-2.47	-4.13	-0.7	9.09
Total Assets, 3 Yr. CAGR %	5.07	4.08	4.45	12.53	17.96
Tangible Book Value, 3 Yr. CAGR %	4.65	2.32	5.04	11.04	26.96
Common Equity, 3 Yr. CAGR %	4.62	2.37	5.08	11.06	26.91
Cash From Operations, 3 Yr. CAGR %	-6.31	-3.23	45.51	86.43	56.18
Capital Expenditures, 3 Yr. CAGR %	-44.13	-54.36	-17.97	116.7	138.03
Levered Free Cash Flow, 3 Yr. CAGR %	31.7	-45.42	48.45	80.1	77.41
Unlevered Free Cash Flow, 3 Yr. CAGR %	27.33	-32.6	31.93	73.15	54.66
Dividend Per Share, 3 Yr. CAGR %	-44.21	-	-	58.74	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.48	2.81	7.82	13.2	31.14
Gross Profit, 5 Yr. CAGR %	-10.38	-18.89	-10.91	16.93	49.95
EBITDA, 5 Yr. CAGR %	-7.45	-15.74	-10.58	19.31	52.62
EBITA, 5 Yr. CAGR %	-12.23	-22.55	-16.03	21.92	69.85
EBIT, 5 Yr. CAGR %	-12.22	-22.5	-15.98	22.02	69.85
Earnings From Cont. Operations, 5 Yr. CAGR %	-16.61	-34.53	-16.03	17.97	126.09
Net Income, 5 Yr. CAGR %	-17.75	-31.76	-13.64	25.96	133.4
Normalized Net Income, 5 Yr. CAGR %	-14.64	-30.52	-11.04	38.98	131.48
Diluted EPS Before Extra, 5 Yr. CAGR %	-17.75	-31.76	-13.64	28.13	141.13
Accounts Receivable, 5 Yr. CAGR %	19.66	30.85	13.58	-3.32	5.52
Inventory, 5 Yr. CAGR %	4.29	-0.07	-0.24	-8.4	4.24
Net Property, Plant and Equip., 5 Yr. CAGR %	4.04	4.52	2.34	-1.54	4.11
Total Assets, 5 Yr. CAGR %	5.15	7.44	5.23	7.57	13.39
Tangible Book Value, 5 Yr. CAGR %	8.6	5.39	4.48	7.68	17.2
Common Equity, 5 Yr. CAGR %	8.55	5.38	4.49	7.69	17.2
Cash From Operations, 5 Yr. CAGR %	-2.54	-1.88	0.92	42.86	55.54
Capital Expenditures, 5 Yr. CAGR %	-20.28	18.88	-26.11	-14.8	66.24
Levered Free Cash Flow, 5 Yr. CAGR %	13.34	-20.42	15.36	26.25	41.76
Unlevered Free Cash Flow, 5 Yr. CAGR %	8.09	-14.12	15.56	29.46	29.25
Dividend Per Share, 5 Yr. CAGR %	-30.12	-	-	-	-