February 3, 2022 (MLN): Amreli Steel Limited (ASTL) has earned Rs1.3 billion in 1HFY222, observing a twofold upsurge in the profitability compared to Rs423 million in 1HFY21, the company filing on PSX showed on Thursday.
The remarkable jump in profits is reflected in the earning per share of the company which has increased from Rs1.42 per share in 1HFY21 to Rs4.39 per share in 1HFY22.
This swing in profitability is due to strong volumetric sales and robust expansion in the company’s other income.
During the period under review, the company witnessed notable growth in its top line as it went up by 52.54%YoY to Rs26.62bn due to a massive jump in offtakes. Resultantly, the gross margins expanded from 11% to 13%.
On the cost front, the distribution and administrative expenses surged by 13% and 37.36% YoY to stand at Rs503mn and Rs354mn, respectively.
On the other hand, the finance cost of the company saw a meagre increase of 3.34% YoY to Rs853mn.
On the taxation front, the company paid Rs245mn during 1HFY22 as compared to a tax credit of Rs70.33mn in SPLY.
|
Statement of profit or loss account for the half year ended December 31, 2021 (Rupees in '000) |
|||
|---|---|---|---|
|
Dec-21 |
Dec-20 |
% Change |
|
|
Sales |
26,621,541 |
17,452,259 |
52.54% |
|
Cost of sales |
(23,230,051) |
(15,561,517) |
49.28% |
|
Gross Profit |
3,391,490 |
1,890,742 |
79.37% |
|
Distribution cost |
(502,917) |
(444,801) |
13.07% |
|
Administrative expenses |
(354,463) |
(258,055) |
37.36% |
|
Provision/Reversal of expected credit loss |
(27,762) |
24,536 |
– |
|
Other expenses |
(124,824) |
(37,045) |
236.95% |
|
Other income |
21,325 |
3,599 |
492.53% |
|
Operating profit |
2,402,849 |
1,178,976 |
103.81% |
|
Finance costs |
(853,864) |
(826,304) |
3.34% |
|
Profit before taxation |
1,548,985 |
352,672 |
339.21% |
|
Taxation |
(245,502) |
70,332 |
– |
|
profit for the year |
1,303,483 |
423,004 |
208.15% |
|
Earnings per share- basic and diluted |
4.39 |
1.42 |
209.15% |
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