BYCO's net profits grow remarkably by 2.7x YoY

MG News | October 28, 2019 at 05:31 PM GMT+05:00

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October 28, 2019 (MLN): BYCO, the manufacturer of a wide range of petroleum products has reported a remarkable growth in net earnings, as its profits after tax for the quarter ended September 30^th 2019 has surged more than twice (2.7 times) of what the company earned in the corresponding quarter last year.

As per the financial results of the company, BYCO’s net profits increased to Rs 668.8 million from Rs 240.9 million earned last year. The earning per share of the company exhibited a rise of around 160% from Rs 0.05 per share to Rs 0.13 per share.

The increase in the company’s profitability largely came on the back of increase in other income by 68.87% and a tax incentive of Rs 41.6 million during the period under review.

Furthermore, the decline in selling and distribution expenses by 19.4% also boosted the company’s net earnings.

The company also witnessed an increase in finance cost by around 12% due to higher interest rates.

Financial Results for the nine months ended September 30th 2019 (Rupees)
	Sep-19	Sep-18	% Change
Turnover - net	49,071,196	53,714,387	-8.64%
Cost of sales	(47,228,321)	(52,229,054)	-9.57%
Gross profit	1,842,875	1,485,333	24.07%
Administrative expenses	(229,799)	(231,725)	-0.83%
Selling and distribution expenses	(104,455)	(129,709)	-19.47%
Other expenses	(313,066)	(179,720)	74.20%
Other income	348,900	206,608	68.87%
	(298,420)	(334,546)	-10.80%
Operating profit	1,544,455	1,150,787	34.21%
Finance cost	(917,233)	(820,234)	11.83%
Profit before taxation	627,222	330,553	89.75%
Taxation	41,666	(89,569)
Profit after taxation	668,888	240,984	177.57%
Earnings per share - basic and diluted (rupees)	0.13	0.05	160.00%

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