Citi Pharma reports Rs658m profit in FY23, declares Rs2.5 dividend

September 28, 2023 (MLN): Citi Pharma Ltd. (PSX: CPHL) 's profit for the FY23 inched up by 0.66% YoY to Rs657.98 million [EPS: 2.88], compared to a profit of Rs653.69m [EPS: 2.88] reported in the Same Period Last Year (SPLY), company's filing on PSX revealed today.

Along with the FY23 financial results, the board of directors of CPHL has also announced a final cash dividend for the year ended June 30, 2023, at Rs2.50 per share i.e. 25%.

Going by the results, the company's net revenue increased by 26.76% YoY to Rs12.40 billion as compared to Rs9.78bn in SPLY.

The cost of sales also rose by 29.38% YoY but was less than proportionate to sales increase, which improved the gross profit by 10.57% YoY to Rs1.51bn in FY23.

On the expense side, the company observed a rise in Marketing and distribution expenses by 46.59% YoY and other expenses by 24.93% YoY to clock in at Rs155.22bn and Rs116.21bn respectively during the review period.

Conversely, the administrative expenses of CPHL reduced by 29.28% YoY to Rs188.41m in the respective period, compared to Rs266.44m in SPLY.

During the review period, other income went up by 26.42% YoY to stand at Rs292.22m in FY23 as compared to Rs231.15m in SPLY.

The company’s finance costs surged by 5.44x YoY and stood at Rs386.23m as compared to Rs71.04m in FY22, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs299.27m against the Rs406.88bn paid in the corresponding period of last year, depicting a drop of 26.45% YoY.

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