Dawood Hercules reports a 42% growth in earnings during 2020

By MG News | March 02, 2021 at 10:47 AM GMT+05:00

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March 2, 2021 (MLN): Dawood Hercules Corporation Limited has reported earnings of Rs. 42.63 billion for the year ended December 31, 2020, i.e. nearly 42% higher as compared to the earnings of last year.

The Earnings per share for the year stood at Rs. 15.76, which is 34% higher as compared to the EPS of Rs. 11.75 reported last year.

The company saw a 10.27% improvement in net sales and a 10% increase in cost of sales, both of which resulted in a 10.9% growth in gross profit. Further relief was drawn from a 16% increase in other income and a 26.3% decline in non-core expenses.

While the company experienced a loss allowance on subsidy receivable from GoP amounting to Rs. 1.2 billion, this was somewhat compensated for by a 143% increase in share of income from associates.

DAWH also benefitted from a 39.7% decline in income tax expense.

Financial Results for the year ended December 31, 2020 (Rupees '000')
	Dec-20	Dec-19	% Change
Net sales	248,950,089	225,765,492	10.27%
Cost of sales	(172,869,310)	(157,166,837)	9.99%
Gross profit	76,080,779	68,598,655	10.91%
Selling and distribution expenses	(7,845,069)	(8,103,286)	-3.19%
Administrative expenses	(9,341,513)	(7,671,345)	21.77%
Other income	19,347,249	16,671,711	16.05%
Other operating expenses	(5,447,523)	(7,399,718)	-26.38%
Finance costs	(21,492,621)	(16,175,545)	32.87%
Loss allowance on subsidy receivable from GoP	(1,238,912)
Share of income from associates and Joint ventures	2,796,374	1,147,999	143.59%
Profit before taxation	52,858,764	47,068,471	12.30%
Taxation	(10,228,523)	(16,981,645)	-39.77%
Profits for the period	42,630,241	30,086,826	41.69%
Basic and diluted earnings per share	15.76	11.75	34.13%

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