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% |
Copyright Mettis Link News
39991