ARPL's profitability tanked by 38.44% in 9MFY23 to Rs903m

MG News | July 25, 2023 at 02:36 PM GMT+05:00

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July 25, 2023 (MLN): Archroma Pakistan Limited (PSX: ARPL) 's profitability tanked by 38.44% YoY, clocking in its profit after tax at Rs903.14m [EPS: Rs26.47] in 9MFY23 as compared to Rs1.47 billion [EPS: 43.00] Rs in the same period last year (SPLY).

Going by the results, the company's top line increased by 8.34% YoY to Rs21.04bn as compared to Rs19.42bn in SPLY.

The cost of sales increased by 12.84% YoY which worsened the gross profit by 2.78% YoY to Rs5.43bn in 9MFY23.

During the period under review, other income shrunk by 28.19% YoY to stand at Rs33.2m in 9MFY23 as compared to Rs46.23m in SPLY.

On the expense side, the company observed an increase in Distribution and Marketing Expenses by 8.62% YoY and other expenses by 35.87% YoY to clock in at Rs591.42m and Rs127.67m respectively during the review period.

The company’s finance costs skyrocketed by 2.43x YoY and stood at Rs1.02bn as compared to Rs420.45m in 9MFY23, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs654.92m against the Rs1.12bn paid in the corresponding period of last year, depicting a decrease of 41.38% YoY.

Unconsolidated (un-audited) Financial Results for nine months ended 30 June, 2023
	June 23	June 22	% Change
Sales	21,036,280	19,416,032	8.34%
Cost of sales	(15,601,575)	(13,825,944)	12.84%
Gross Profit	5,434,705	5,590,088	-2.78%
Distribution and Marketing Expenses	(2,171,142)	(1,998,910)	8.62%
Administrative expenses	(591,421)	(453,947)	30.28%
Impairment loss / (reversal) on trade receivables	3,754	20,225	-81.44%
Other Income	33,197	46,226	-28.19%
Other expenses	(127,666)	(199,059)	-35.87%
Finance cost	(1,023,365)	(420,448)	143.40%
Profit before taxation	1,558,062	2,584,175	-39.71%
Taxation	(654,923)	(1,117,157)	-41.38%
Net profit for the period	903,139	1,467,018	-38.44%
Basic and diluted earnings/ (loss) per share	26.47	43.00	-

Amount in PKR Thousand

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