COLG net profits reach Rs7.19bn in 9MFY23, up by 55.3% YoY

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MG News | April 20, 2023 at 02:48 PM GMT+05:00

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April 20, 2023 (MLN): Colgate-Palmolive Pakistan Limited (PSX: COLG) has unveiled its financial performance for the nine months period ended March 31, 2023 today wherein the company reported 55.3% YoY net profits worth Rs7.19 billion [EPS: Rs58.26] against the profits of Rs4.63bn [EPS: Rs38.17] reaped in the same period last year.

The company’s top line grew by 47% YoY to clock in at Rs66.14bn, as compared to Rs44.98bn in the same period last year.

The proportionally lower increase in the cost of sales helped the company achieve a 3.82% YoY higher gross margin.

The company continued to support its brands through media and promotional activities, thus selling and distribution costs went up by 37.7% YoY. Administrative expenses also increased by 27.3% YoY to Rs667mn in the review period.

Moreover, the company also witnessed a rise in its finance cost and tax payments by 6.1% YoY and 90.2% YoY respectively to stand at Rs111.81 million and Rs3.48bn, which put a limit on the company’s profitability.

Profit and Loss Account for the nine months period ended March 31, 2023 (Rs'000)

 

Mar-23

Mar-22

% Change

Turnover

    86,386,476

    59,613,953

44.9%

Sales Tax

  (13,613,832)

    (9,409,490)

44.7%

Trade and other discounts

    (6,631,526)

    (5,220,475)

27.0%

Net turnover

    66,141,118

    44,983,988

47.0%

Cost of Sales

  (47,983,935)

  (33,089,383)

45.0%

Gross profit

    18,157,183

    11,894,605

52.7%

Selling and distribution costs

    (6,904,999)

    (5,016,109)

37.7%

Administrative Expenses

        (667,055)

        (524,163)

27.3%

Other expenses

    (1,042,575)

        (586,676)

77.7%

Other income

       1,244,553

          801,432

55.3%

Profit from operations

    10,787,107

       6,569,089

64.2%

Finance cost and bank charges

        (111,818)

        (105,352)

6.1%

Profit before taxation

    10,675,289

       6,463,737

65.2%

Taxation

    (3,481,998)

    (1,830,451)

90.2%

Profit after taxation

       7,193,291

       4,633,286

55.3%

Earning per share -Basic and Diluted

59.26

38.17

55.3%

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