ASL: Turns to profit during FY21

MG News | October 01, 2021 at 11:33 AM GMT+05:00

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October 1, 2021 (MLN): Aisha Steel Mills Limited (ASL) has announced its most awaited financial results of FY21 today as per which the company witnessed a remarkable turnaround in earnings.

According to the financial results sent to PSX, ASL’s profit after tax clocked in at Rs6.37 billion with earnings per share at Rs8.19, compared to the net losses of Rs616.57 million (LPS: Rs 0.89) incurred in the same period of last year.

This turnaround is mainly attributable to higher volumetric growth amid strong demand from the automobile and construction sector, upbeat international HRC-CRC spread, and lower financial charges.

During the review period, the company observed a stunning growth of 85% YoY in its topline which augmented to Rs55.12bn, compared to Rs29.78bn in FY20.

This phenomenal growth in revenue translated into gross margins (GM) of the company that jumped to 20.29% YoY in FY21, compared to 7.95% YoY recorded in FY20.

On the expense side, the company’s selling and distribution expenses in tandem with sales jumped by 5.7x to stand at Rs239.06mn, while the administrative expenses inched up by 11.6% YoY.

Furthermore, due to the lower interest rate regime, the finance cost of the company slumped significantly by 55% YoY from Rs3.39bn to Rs1.52bn.

On the taxation front, the company had to paid Rs2.22bn in terms of taxation during FY21, compared to the tax credit worth Rs726.65mn enjoyed in FY20.

Profit and Loss Account for the Year Ended June 30, 2021 (Rupees '000)
	Jun-21	Jun-20	% Change
Revenue from contracts with customers	55,116,371	29,776,828	85.1%
Cost of sales	(43,931,004)	(27,410,644)	60.3%
Gross Profit	11,185,367	2,366,184	372.7%
Selling and distribution cost	(239,061)	(41,889)	470.7%
Administrative expenses	(356,703)	(319,589)	11.6%
Other expenses	(977,020)	-
Other income	499,368	38,186	1207.7%
Finance cost	(1,524,103)	(3,386,116)	-55.0%
(Loss) before income tax	8,587,848	(1,343,224)	-
Taxation	(2,219,500)	726,651	-
(Loss)/ profit after taxation	6,368,348	(616,573)	-
Earnings/(loss) per share - Basic	8.19	(0.89)	-

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