<ul><li><span lang="en-PK" style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Attock Cement Pakistan Limited (ACPL PA)
profitability clocked in at Rs146mn (EPS Rs1.06) in 4QFY21 as compared to loss
of Rs12mn (LPS of Rs0.09) in 4QFY20. This takes FY21 profitability to Rs1,107mn
(EPS of Rs8.06) as compared to profit of Rs1,107mn in FY20. The result is also
accompanied with dividend of Rs4.0/sh.</span></li><li><span lang="en-PK" style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">We attribute increase in ACPL profitability
to (1) higher dispatches given low base effect due to COVID induced lockdown in
4QFY20, (2) ~13%Y YoY increase in retention prices in domestic market, and (3)
lower effective tax rate.</span></li><li><span lang="en-PK" style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">...
