August 25, 2023 (MLN): AGP Limited (PSX: AGP) has revealed its financial statement today for the half year ended June 30, 2023, as per which it posted a profit worth Rs732.16 million [EPS: Rs2.27], depicting a significant decline of 14.17% YoY, compared to Rs5853.03m [EPS: Rs2.82] in the same period last year (SPLY), AGP's filing on PSX showed today.
Going by the results, the company's top line rose by 13.53% YoY to Rs8.09bn as compared to Rs7.12bn in the Same Period Last year (SPLY).
The cost of sales also rose by 11.44% YoY but was less than proportionate to sales increase, which improved the gross profit by 15.55% YoY to Rs4.18bn in 1HCY23.
However, during the review period, other income rose by 14.82% YoY to stand at Rs46.07m in 1HCY23 as compared to Rs40.12m in SPLY.
On the expense side, the company observed a rise in Marketing and selling expenses by 34.49% YoY and other expenses by 13.05% YoY to clock in at Rs2.21bn and Rs157.78m respectively during the review period.
The company’s finance costs increased by 2.06x YoY and stood at Rs431.67m as compared to Rs209.81m in 1HCY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs384.05m against the Rs533.22m paid in the corresponding period of last year, depicting a decrease of 27.97% YoY.
"Taxation includes super tax amounting to Rs136m. Ignoring the impact of super tax, profit attributable to equity holders of the parent company for the year ended December 31, 2022, and earnings per share would have been Rs770m and 2.75 per share respectively," the company states.
| Consolidated (un-audited) Financial Results for Half year ended 30 June, 2023 | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 8,088,227 | 7,124,324 | 13.53% |
| Cost of sales | (3,908,649) | (3,507,246) | 11.44% |
| Gross Profit | 4,179,578 | 3,617,078 | 15.55% |
| Marketing and selling expenses | (2,210,444) | (1,643,524) | 34.49% |
| Administrative expenses | (309,540) | (278,045) | 11.33% |
| Other Income | 46,065 | 40,118 | 14.82% |
| Other expenses | (157,777) | (139,567) | 13.05% |
| Finance cost | (431,673) | (209,812) | 2.06x |
| Operating profit | 1,116,209 | 1,386,248 | -19.48% |
| Taxation | (384,053) | (533,215) | -27.97% |
| Net profit for the period | 732,156 | 853,033 | -14.17% |
| Basic and diluted earnings/ (loss) per share | 2.27 | 2.82 | – |
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Posted on: 2023-08-25T10:43:49+05:00
