AGP Limited observes marginal increase in half yearly profits

August 24, 2020 (MLN): AGP limited has posted a marginal increase in net profits to Rs 754.7 million for the half year ended June 30^th, 2020, from Rs 743 million earned in the corresponding period last year.

The earnings per share of the company also rose by around 1.89% YoY to Rs 2.7 million from Rs 2.65 million.

During the period, the net revenues of the company from sales were remained steady as it recorded at Rs3.173 billion, reflecting a negligible growth of 0.45% compared to the same period last year.

Cost of sales increased by 8% mainly on account of price escalation of imported materials due to considerable devaluation of Pak Rupee. Resultantly, gross profit margin for the period under review diminished by 3 ppts from 58% to 55%.

Furthermore, the Company implemented stringent cost control measures and accordingly, marketing and selling expenses declined by 17.87% YoY. However, administrative expenses have increased by 31.12% YoY, mainly on account of higher personnel costs associated with growth in business operations.

Alongside financial results, the company did not any cash dividend for the period mentioned above.

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