January 31, 2023 (MLN): Colgate Palmolive Pakistan Limited (PSX: COLG) on Tuesday unveiled its financial performance for the half year that ended December 31, 2022, wherein the company reported net profits worth Rs4.21 billion, up by 43.7% YoY against the profits of Rs2.9bn reaped in the same period last year.
The financial statement issued to PSX revealed that the top line of the company increased by 42% YoY. However, the gross profit margin of the company dropped by 100 bps as the surge in selling price increases did not fully offset the impact of currency devaluation during the period.
The company continued to support its brands through media and promotional activities. Selling and distribution costs were up by 38% YoY primarily due to increasing freight cost. Meanwhile, the administrative expenses increased by 30% YoY to Rs434.6 million.
Moreover, the company also witnessed a 5.2% YoY increase rise in its finance cost to stand at Rs74.88mn while the tax payments jump by 54.4% YoY to Rs1.96bn
Alongside financial results, the Board of Directors of the company announced an interim cash dividend for the year ending June 30, 2023, at Rs20 per share of Rs 10 each i.e. 200%.
In addition, it has been recommended by the board to issue Bonus Shares in the proportion of 09 shares for every 20 shares held i.e. 45%.
The company continued to lead in Oral Care, however, other products such as toothpaste, bar soap, and shampoo also recorded healthy contributions towards business growth.
|
Profit and Loss Account – For Half Year Ended December 2022 (Rs'000) |
|||
|---|---|---|---|
|
Dec-22 |
Dec-21 |
% Change |
|
|
Turnover |
54,730,634 |
38,180,135 |
43.3% |
|
Sales Tax |
(8,539,858) |
(6,041,901) |
41.3% |
|
Trade and other discounts |
(4,246,369) |
(3,379,765) |
25.6% |
|
Net turnover |
41,944,407 |
28,758,469 |
45.9% |
|
Cost of Sales |
(31,046,805) |
(20,969,116) |
48.1% |
|
Gross profit |
10,897,602 |
7,789,353 |
39.9% |
|
Selling and distribution costs |
(4,537,357) |
(3,288,068) |
38.0% |
|
Administrative Expenses |
(434,689) |
(333,303) |
30.4% |
|
Other expenses |
(454,366) |
(408,232) |
11.3% |
|
Other income |
783,526 |
518,457 |
51.1% |
|
Profit from operations |
6,254,716 |
4,278,207 |
46.2% |
|
Finance cost and bank charges |
(74,877) |
(71,173) |
5.2% |
|
Profit before taxation |
6,179,839 |
4,207,034 |
46.9% |
|
Taxation |
(1,962,836) |
(1,271,488) |
54.4% |
|
Profit after taxation |
4,217,003 |
2,935,546 |
43.7% |
|
Earning per share -Basic and Diluted |
50.37 |
35.07 |
43.6% |
Copyright Mettis Link News
Posted on: 2023-01-31T14:00:49+05:00
