March 28, 2024 (MLN): Agritech Limited (PSX: AGL) has made a remarkable turnaround in 2023, earning a profit after tax of Rs1.09 billion [EPS: Rs2.77] compared to a loss of Rs2.95bn [LPS: Rs7.53] in 2022.
Going by the unconsolidated results made available by the company, revenue rose 28.2% YoY to Rs22.17bn as compared to Rs17.3bn in the previous year.
The cost of sales also rose by 17.1% YoY but was lesser than proportionate to sales increase, which improved the gross profit substantially by 2.07x YoY to Rs4.4bn in 2023.
The gross margins improved to 19.84% as compared to 12.27% in 2022.
Moreover, during the review year, other income skyrocketed by 6.88x YoY to Rs722.1m as compared to Rs104.88m in 2022.
On the expense side, the company observed a rise in administrative expenses by 34.4% YoY and other expenses by 68.9% YoY to clock in at Rs646.13m and Rs63.75m respectively during the review period.
The company’s finance cost went up by 42.3% YoY and stood at Rs6.1bn as compared to Rs4.28bn a year earlier, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs238.35m against the Rs262.56m paid in the corresponding period of last year, depicting a fall of 9.2% YoY.
| Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000) | |||
|---|---|---|---|
| Dec 23 | Dec 22 | % Change | |
| Sales | 22,172,162 | 17,296,183 | 28.19% |
| Cost of sales | (17,773,662) | (15,174,621) | 17.13% |
| Gross Profit | 4,398,500 | 2,121,562 | 107.32% |
| Administrative and General Expenses | (646,126) | (480,600) | 34.44% |
| Selling and Distribution Expenses | (672,818) | (639,097) | 5.28% |
| Other Gains / (Losses) | 3,207,114 | – | – |
| Other Income | 722,100 | 104,876 | 588.53% |
| Other Expenses | (63,749) | (37,750) | 68.87% |
| Finance Cost | (6,097,584) | (4,284,876) | 42.30% |
| Profit before taxation | 847,438 | (3,215,885) | – |
| Taxation | 238,354 | 262,559 | -9.22% |
| Net profit for the period | 1,085,791 | (2,953,326) | – |
| Basic earnings/ (loss) per share | 2.77 | (7.53) | – |
Amount in thousand except for EPS
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Posted on: 2024-03-28T10:00:11+05:00
