Al-Ghazi Tractors’ profit plummets by 58% in 6MCY23
MG News | August 16, 2023 at 10:38 AM GMT+05:00
August 16, 2023 (MLN): Al-Ghazi Tractors Limited (PSX: AGTL) 's profitability declined significantly by 58.44% YoY, clocking in its profit after tax at Rs802.33 million [EPS: Rs13.84] in 6MCY23 as compared to a profit of Rs1.93bn [EPS: Rs33.31] in the same period last year (SPLY).
Going by the results, the company's top line slid by 25.87% YoY to Rs14.75 billion as compared to Rs19.9bn in SPLY.
The cost of sales fell by 21.09% YoY but was lower than proportionate to the sales decline, which worsened the gross profit by 43.95% YoY to Rs2.33bn in 6MCY23.
However, during the review period, other income soared by 5.41x YoY to stand at Rs326.89m in 6MCY23 as compared to Rs60.43m in SPLY.
On the expense side, the company observed a fall in distribution expenses by 24.77% YoY and other expenses by 34.60% YoY to clock in at Rs419.32m and Rs172.34m respectively during the review period.
The company’s finance costs soared by 11.23x YoY and stood at Rs224.67m as compared to just Rs18.37m in 6MCY23, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs861.28m against the Rs1.54bn paid in the corresponding period of last year, depicting a fall of 44.24% YoY.
| Unconsolidated (un-audited) Financial Results for half year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 14,751,382 | 19,899,469 | -25.87% |
| Cost of sales | (12,419,871) | (15,739,596) | -21.09% |
| Gross Profit | 2,331,511 | 4,159,873 | -43.95% |
| Distribution expenses | (178,471) | (237,236) | -24.77% |
| Administrative expenses | (419,317) | (226,035) | 85.51% |
| Other Income | 326,888 | 60,433 | 440.91% |
| Other expenses | (172,335) | (263,525) | -34.60% |
| Finance cost | (224,672) | (18,372) | 1122.90% |
| Operating profit | 1,663,604 | 3,475,138 | -52.13% |
| Taxation | (861,278) | (1,544,480) | -44.24% |
| Net profit for the period | 802,326 | 1,930,658 | -58.44% |
| Basic and diluted earnings/ (loss) per share | 13.84 | 33.31 | - |
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