AGHA profit plummets by 59% YoY in 9MFY23
MG News | April 27, 2023 at 10:42 AM GMT+05:00
April 27, 2023 (MLN): Agha Steel Mills Limited (PSX: AGHA) reported a profit after tax of Rs704.99 million [EPS: Rs1.17] for the nine months ended 31 March 2023, a significant fall of 59.48% YoY as compared to profit after tax of Rs1.73 billion [EPS: Rs2.88] in the same period last year (SPLY), the company’s stock filings on the stock exchange showed.
In the filing, the company’s top line declined by 17.43% YoY to Rs15.45bn as compared to Rs18.71bn in SPLY, translating into a 15.26% lower gross profit in 9MFY23.
On the cost side, the company observed a 20.15% YoY increase in administrative expenses to clock in at Rs247.8m and a 10.76% YoY increase in selling and distribution costs to stand at Rs338.47m.
The company’s finance costs surged by 60.64% YoY and stood at Rs2.26bn as compared to Rs1.4bn in 9MFY22, mainly due to higher interest rates.
On the tax front, the company paid 22.43% YoY lower taxes worth Rs264.24m as tax payments against the Rs340.67m paid in the corresponding period of last year, which translates into an effective tax rate of 27.26%.
|
Profit or Loss Account for the nine months ended March 31, 2023 (Rupees in '000') |
|||
|---|---|---|---|
|
|
Mar-23 |
Mar-23 |
% Change |
|
Sales |
15,452,020 |
18,712,858 |
-17.43% |
|
Cost of sales |
(11,831,721) |
(14,440,713) |
-18.07% |
|
Gross Profit |
3,620,299 |
4,272,145 |
-15.26% |
|
Administrative expenses |
(247,800) |
(206,249) |
20.15% |
|
Selling and distribution costs |
(338,476) |
(305,582) |
10.76% |
|
Finance costs |
(2,262,505) |
(1,408,444) |
60.64% |
|
Operating profit |
771,518 |
2,351,870 |
-67.20% |
|
Other expenses |
(163,701) |
(478,531) |
-65.79% |
|
Other income |
361,420 |
207,126 |
74.49% |
|
Profit before taxation |
969,237 |
2,080,465 |
-53.41% |
|
Taxation |
(264,247) |
(340,673) |
-22.43% |
|
Net profit for the period |
704,990 |
1,739,792 |
-59.48% |
|
Basic and diluted earnings/ (loss) per share |
1.17 |
2.88 |
-59.38% |
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