NATF profits fall to Rs685mn in 1QFY23

MG News | October 20, 2022 at 01:34 PM GMT+05:00

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October 20, 2022 (MLN): National Foods Limited (NATF) has declared unaudited consolidated financial results for 1QFY23, wherein the company’s profits dropped by 12.70% YoY in the first quarter ended September’22 to Rs685 million as compared to the same period last year (SPLY).

NATF’s earnings per share clocked in at Rs2.26, 25.90% YoY lower than Rs3.05 in 1QFY22.

As per the report sent to PSX, the net sales of the company increased by 31.58% YoY to stand at Rs13.13 billion as compared to Rs9.98bn in the corresponding period last year.

Accordingly, the gross profit increased by 21.40% YoY in 1QFY23 to stand at Rs3.51bn against Rs2.89bn last year, while the cost of sales is up by 35.74% YoY to Rs9.62bn this period.

On the cost front, NATF’s major expense head i.e., distribution cost swelled by 35.73% YoY to Rs1.91bn while administrative expenses surged by 60% YoY.

Meanwhile, the finance costs of the company climbed by 128.18% YoY to Rs187mn in 1QFY23.

On the tax front, the effective tax rate was down by 12.62% YoY in 1QFY23 to Rs235mn as opposed to Rs269mn in SPLY.

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