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

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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