March 2, 2021 (MLN): Dawood Hercules Corporation Limited has reported earnings of Rs. 42.63 billion for the year ended December 31, 2020, i.e. nearly 42% higher as compared to the earnings of last year.
The Earnings per share for the year stood at Rs. 15.76, which is 34% higher as compared to the EPS of Rs. 11.75 reported last year.
The company saw a 10.27% improvement in net sales and a 10% increase in cost of sales, both of which resulted in a 10.9% growth in gross profit. Further relief was drawn from a 16% increase in other income and a 26.3% decline in non-core expenses.
While the company experienced a loss allowance on subsidy receivable from GoP amounting to Rs. 1.2 billion, this was somewhat compensated for by a 143% increase in share of income from associates.
DAWH also benefitted from a 39.7% decline in income tax expense.
Financial Results for the year ended December 31, 2020 (Rupees '000') | |||
|---|---|---|---|
Dec-20 | Dec-19 | % Change | |
Net sales | 248,950,089 | 225,765,492 | 10.27% |
Cost of sales | (172,869,310) | (157,166,837) | 9.99% |
Gross profit | 76,080,779 | 68,598,655 | 10.91% |
Selling and distribution expenses | (7,845,069) | (8,103,286) | -3.19% |
Administrative expenses | (9,341,513) | (7,671,345) | 21.77% |
Other income | 19,347,249 | 16,671,711 | 16.05% |
Other operating expenses | (5,447,523) | (7,399,718) | -26.38% |
Finance costs | (21,492,621) | (16,175,545) | 32.87% |
Loss allowance on subsidy receivable from GoP | (1,238,912) | ||
Share of income from associates and Joint ventures | 2,796,374 | 1,147,999 | 143.59% |
Profit before taxation | 52,858,764 | 47,068,471 | 12.30% |
Taxation | (10,228,523) | (16,981,645) | -39.77% |
Profits for the period | 42,630,241 | 30,086,826 | 41.69% |
Basic and diluted earnings per share | 15.76 | 11.75 | 34.13% |
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