August 01, 2023 (MLN): Colgate Palmolive (Pakistan) Limited (PSX: COLG) experienced a significant rise of 77.29% YoY in its profitability, clocking in its profit after tax at Rs10.41bn [EPS: Rs99.48] for the year ended June 30, 2023, compared to a profit of Rs5.87bn [EPS: Rs56.11] in the same period last year (SPLY).
Along with the results, the company also announced a final cash dividend of Rs5 per share i.e. 50 %.
This is in addition to the first interim cash dividend already paid at Rs26 per share i.e. 200% and by way of the issue of fully paid bonus shares at 43% in the proportion of nine shares for every twenty shares of Rs10/- each.
And a second interim cash dividend at Rs40.6 per share i.e. 400% and by way of issue of fully paid bonus share at 100% in the proportion of one share for every one share of Rs10/- each.
Going by the results, the company's top line rose by 46.73% YoY to Rs91.46bn as compared to Rs62.33bn in SPLY.
The cost of sales rose by 41.20% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 62.70% YoY to Rs26.1bn in FY23.
However, during the review period, other income went up by 95.84% YoY to stand at Rs2.15bn in FY23 as compared to Rs1.1bn in SPLY.
On the expense side, the company observed an increase in selling and distribution expenses by 33.78% YoY and other expenses by 2.06x YoY to clock in at Rs914.87m and Rs1.49bn respectively during the review period.
The company’s finance costs surged by 5.51% YoY and stood at Rs150.68m as compared to Rs142.81m in FY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs6.12bn against the Rs2.85bn paid in the corresponding period of last year, depicting an increase of 2.15x YoY.
| Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Turnover | 119,603,270 | 82,398,332 | 45.15% |
| Sales Tax | (19,121,570) | (12,968,034) | 47.45% |
| Trade and other discounts | (9,022,196) | (7,100,072) | 27.07% |
| Cost of sales | (65,360,062) | (46,288,481) | 41.20% |
| Gross Profit | 26,099,442 | 16,041,745 | 62.70% |
| Selling and Distribution Expenses | (9,161,677) | (6,848,512) | 33.78% |
| Administrative expenses | (914,870) | (703,245) | 30.09% |
| Other Income | 2,153,316 | 1,099,519 | 95.84% |
| Other expenses | (1,491,593) | (724,675) | 105.83% |
| Finance cost | (150,682) | (142,810) | 5.51% |
| Profit before taxation | 16,533,936 | 8,722,022 | 89.57% |
| Taxation | (6,123,942) | (2,850,442) | 114.84% |
| Other comprehensive income / (loss) for the year – net of tax | 10,336,645 | 5,838,320 | 77.29% |
| Earnings per share – basic and dilutive | 99.48 | 56.11 | – |
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Posted on: 2023-08-01T09:40:52+05:00
