October 16, 2023 (MLN): Agha Steel Industries Limited (PSX: AGHA) reported a YoY profit decline of 18.32% in the first quarter of FY24, with its after-tax profit amounting to Rs125.24 million, resulting in an earnings per share (EPS) of Rs0.21.
This is in contrast to the same period of the previous year, where the company recorded a profit of Rs153.32 million, equivalent to an EPS of Rs0.25.
The board of Directors of AGHA on Friday also approved setting up a wholly owned subsidiary of the company under the name and style as "Agha Green".
Going by the results made available by the country to the PSX, the company's top line expanded by 11.68% YoY to Rs5.25bn as compared to Rs4.7bn in SPLY.
The cost of sales also rose by 9.74% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 18.68% YoY to Rs1.21bn in 1QFY24.
Moreover, during the review period, other income rose by 29.23% YoY to stand at Rs106.73m in 1QFY24 as compared to Rs82.59m in SPLY.
On the expense side, the company observed a decrease in Administrative expenses by 14.77% YoY and other expenses by 2% YoY to clock in at Rs65.68m and Rs10.06m respectively during the review period.
However, the company’s finance costs surged by 36.59% YoY and stood at Rs952.16m as compared to Rs697.08m in 1QFY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs35.55m against the Rs34.13m paid in the corresponding period of last year, depicting a fall of 4.16% YoY.
| Unconsolidated (un-audited) Financial Results for Quarter ended 30 September 2023 (Rupees in '000) | |||
|---|---|---|---|
| Sep 23 | Sep 22 | % Change | |
| Sales | 5,253,081 | 4,703,760 | 11.68% |
| Cost of sales | (4,043,883) | (3,684,886) | 9.74% |
| Gross Profit | 1,209,198 | 1,018,874 | 18.68% |
| Administrative expenses | (65,677) | (77,055) | -14.77% |
| Selling and distribution costs | (127,237) | (130,012) | -2.13% |
| Other Income | 106,730 | 82,588 | 29.23% |
| Other expenses | (10,063) | (9,866) | 2.00% |
| Finance cost | (952,164) | (697,077) | 36.59% |
| Profit before taxation | 160,787 | 187,452 | -14.22% |
| Taxation | (35,549) | (34,130) | 4.16% |
| Net profit for the period | 125,238 | 153,322 | -18.32% |
| Basic earnings/ (loss) per share | 0.21 | 0.25 | – |
Amount in thousand except for EPS
Copyright Mettis Link News
Posted on: 2023-10-16T09:50:44+05:00
