Maple Leaf Cement Posts Rs56.96 Billion Revenue in Nine Months, Profit Stands at Rs7.8 Billion

Maple Leaf Cement Factory Limited (MLCF) reported a mixed financial performance for the nine-month period ended March 31, 2026, with revenue increasing but profitability remaining broadly under pressure compared with the same period last year.

According to the company’s unaudited consolidated financial statements, revenue from contracts with customers rose to Rs56.96 billion during the nine months ended March 31, 2026, compared with Rs51.38 billion in the corresponding period of the previous year. This represents an increase of around 10.9%.

Despite the higher revenue, the company’s profit for the period stood at Rs7.80 billion, slightly below the Rs7.87 billion recorded in the same period last year. Profit attributable to equity holders of the holding company was reported at approximately Rs7.62 billion, compared with Rs7.87 billion a year earlier.

Gross profit improves

Maple Leaf Cement’s gross profit increased to Rs19.29 billion during the nine-month period, compared with Rs18.44 billion in the previous year. The improvement came alongside the increase in revenue, although selling and distribution expenses and administrative costs remained significant.

Operating profit also improved, reaching Rs14.20 billion, compared with Rs12.63 billion in the corresponding nine-month period of 2025.

However, finance costs remained a major factor affecting the bottom line. The company reported net finance costs of approximately Rs1.99 billion, while finance costs alone amounted to Rs2.37 billion.

Quarterly earnings decline

For the quarter ended March 31, 2026, Maple Leaf Cement recorded revenue of approximately Rs21.55 billion, compared with Rs16.63 billion in the same quarter last year.

Gross profit for the quarter increased to Rs7.13 billion, compared with Rs5.90 billion previously. Operating profit also rose to around Rs4.93 billion, from Rs4.24 billion.

Nevertheless, quarterly profit after tax declined to approximately Rs1.95 billion, compared with Rs2.79 billion in the same quarter of 2025. Earnings per share consequently fell to Rs1.86, from Rs2.67.

Strong investment and financing activity

The company’s cash-flow statement shows substantial investment activity during the nine months. Consolidated net cash used in investing activities amounted to approximately Rs107.99 billion, largely reflecting purchases of property, plant and equipment as well as investments in subsidiaries and other financial assets.

At the same time, Maple Leaf Cement generated around Rs31.88 billion in net cash from operating activities. Financing activities generated approximately Rs73.52 billion, supported by the acquisition of long-term secured loans from banking companies.

The company ended the period with consolidated cash and cash equivalents of approximately negative Rs875 million, compared with positive cash and cash equivalents of Rs1.91 billion at the end of March 2025.

Standalone results show sharper profit decline

On a standalone basis, Maple Leaf Cement posted revenue of Rs52.35 billion for the nine months ended March 31, 2026, compared with Rs51.38 billion a year earlier.

Standalone profit for the period, however, fell to Rs6.80 billion, from Rs12.12 billion in the corresponding period. Earnings per share declined substantially to Rs5.81, compared with Rs11.57 last year.

The standalone financial position also reflects increased borrowing. Long-term loans from financial institutions stood at around Rs80.87 billion at March 31, 2026, compared with Rs9.78 billion at June 30, 2025.

No dividend or corporate action announced

In its notice to the Pakistan Stock Exchange, the company stated that its Board of Directors meeting held on April 21, 2026 recommended no cash dividend, bonus shares, right shares or other entitlement for the period.

Overall, Maple Leaf Cement’s nine-month results present a mixed picture: revenue and operating profit strengthened, but the improvement did not translate into significant growth in consolidated earnings, while standalone profitability recorded a much sharper decline. The company’s substantial investment and financing activity also remains an important feature of its financial position going forward.