At-Tahur's profit soars by 45% YoY to Rs1.25bn in FY23

September 28, 2023 (MLN): At-Tahur Limited (PSX: PREMA) has reported a profit of Rs1.25 billion [EPS: 5.71] for the fiscal year 2023, compared to a profit of Rs861.14 million [EPS: 3.94] reported in the Same Period Last Year (SPLY), reflecting a significant increase of 44.90% YoY.

Going by the results, the company's top line soared by 49.11% YoY to Rs4.9bn as compared to Rs3.29bn in SPLY.

Additionally, the gain on the initial recognition of milk and dairy livestock rose by 58% and 67.26% YoY to Rs3.34bn and Rs1.95bn respectively.

The operating costs went up by 59.82% YoY but were less than proportionate to the increase in sales and additional gains, which improved the gross profit by 44.47% YoY to Rs2.85bn in FY23.

On the expense side, the company observed an increase in Selling & marketing expenses by 54.15% YoY and other expenses by 64.29% YoY to clock in at Rs556.37m and Rs607.43m respectively during the review period.

Moreover, the administrative expenses incurred by the company also went up by 20.48% YoY to Rs286.01m in FY23.

During the review period, other income rose by 2.30x YoY to stand at Rs48.43m in FY23 as compared to Rs21.02m in FY22.

The company’s finance costs soared by 97.06% YoY and stood at Rs226m as compared to Rs114.68m in FY22, mainly due to higher interest rates.

On the tax front, PREMA incurred a tax rebate of Rs23.48m in FY23, against a tax expense of Rs51.01m in SPLY, which further supported its profits.

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