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ASTL posts Rs1.32bn profits in FY22

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August 18, 2022 (MLN): Amreli Steel Limited (PSX: ASTL) has recorded a net profit of Rs1.326 billion (EPS: Rs4.46) during FY22, down by 3% YoY compared to the profit of Rs1.36bn (EPS: Rs4.61) earned in FY21, the company filing on PSX showed today.

During the period under review, the company witnessed robust growth in topline as it went up by 48.36%YoY to Rs58.18bn due to an increase in domestic rebar prices.

However, on the back of the surge in scrap prices internationally and currency devaluation, the gross margin of the company shrank by 100bps to 11% in FY22.

On the cost front, the distribution and administrative expenses surged by 27.3% and 32.70% YoY to stand at Rs1.2bn and Rs735mn, respectively.

Furthermore, the finance cost of the company jumped by 41.7% YoY to Rs2.3bn on the back of the increase in interest rate.

The company booked a tax expense of Rs752.54mn during FY22 compared to Rs15.62mn paid in FY21.

Earlier in June 2022, the Board of Directors of the company approved investment into non-ferrous operations as a first step to diversify the company's business portfolio.

The approval includes establishing a new facility for producing aluminum ingots with an initial production capacity of 18,000 MT per annum as a first phase.

Profit or Loss Account for the Year ended June 30, 2022 (Rupees in '000)

 

Jun-22

Jun-21

% Change

Sales

58,184,282

39,218,453

48.36%

Cost of sales

(51,692,795)

(34,676,315)

49.07%

Gross Profit

6,491,487

4,542,138

42.92%

Distribution cost

(1,203,640)

(945,620)

27.29%

Administrative expenses

(735,971)

(554,616)

32.70%

Allowance for expected credit losses

(5,177)

69,598

Other expenses

(186,445)

(123,789)

50.62%

Other income

24,507

24,118

1.61%

Operating profit

4,384,761

3,011,829

45.58%

Finance costs

(2,306,697)

(1,627,878)

41.70%

Profit/(loss) before taxation

2,078,064

1,383,951

50.15%

Taxation

(752,549)

(15,692)

4695.75%

Profit/(loss) for the year

1,325,515

1,368,259

-3.12%

Earnings/ (loss) per share-basic and diluted

4.46

4.61

-3.25%

 

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Posted on:2022-08-18T15:24:05+05:00

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