August 26, 2021 (MLN): Dawood Hercules Corporation Limited (PSX: DAWH) has unveiled its financial statement today for the half year ended June 30, 2021, as per which the company witnessed a twofold expansion in its bottom line to stand at Rs28.48 billion, compared to Rs13.95bn in the same period last year (SPLY).
The Earnings per share for the year stood at Rs11.88, which is 3x higher as compared to the EPS of Rs3.73 reported in SPLY.
As per the financial sent to PSX, the company saw a 30% YoY improvement in net sales and a 23.47% YoY increase in cost of sales, both of which resulted in a 45.04% YoY growth in gross profit.
On the expense side, the selling and distribution expenses have been enlarged by 9.07% YoY to record at Rs3.46bn whereas, the administrative expenses witness a meagre decline to reach Rs3.43 bn during the review period.
In addition, the other income of the company also contracted by 9.82% to Rs6.23bn, against Rs6.91 in 1HCY20.
Going in to the details, the finance cost of the company also dropped by 32.32% YoY in 1HCY21 to lock in Rs8.05bn owing to lower tax regime.
Further relief was drawn from a reversal of ECL on subsidy receivable from GoP worth Rs164.42mn in 1HCY21.
On the taxation front, DAWH paid Rs9.37bn in terms of taxes in the review period, which is 2x higher than the taxes paid in 1HCY20.
Alongside financial results, the company also announced an interim cash dividend for the year 2021 at Rs 3 per share i.e, 30%. This is in addition to Interim Dividend already paid at Rs 4.5 per share i.e, 45%.
|
Financial Results for the half year ended June 30th, 2021 (rupees in “000”) |
|||
|---|---|---|---|
|
Jun-21 |
Jun-20 |
% Change |
|
|
Net sales |
139,420,835 |
107,172,054 |
30.09% |
|
Cost of sales |
-91,720,763 |
-74,283,553 |
23.47% |
|
Gross profit |
47,700,072 |
32,888,501 |
45.04% |
|
Selling and distribution expenses |
-3,463,622 |
-3,175,544 |
9.07% |
|
Administrative expenses |
-3,431,968 |
-3,444,163 |
-0.35% |
|
Reversal of ECL on subsidy receivable from GoP |
164,417 |
0 |
|
|
Other income |
6,233,263 |
6,912,232 |
-9.82% |
|
Other operating expenses |
-3,176,306 |
-3,800,188.00 |
-16.42% |
|
Finance costs |
-8,050,022 |
-11,894,661 |
-32.32% |
|
Share of income from associates and Joint ventures |
1,877,288 |
1,143,096 |
64.23% |
|
Profit before taxation |
37,853,122 |
18,629,273 |
103.19% |
|
Taxation |
-9,372,331.00 |
-4,674,462.00 |
100.50% |
|
Loss from discontinued operations |
-436.00 |
– |
|
|
Profits for the period |
28,480,355 |
13,954,811 |
104.09% |
|
Basic and diluted earnings per share |
11.88 |
3.73 |
218.50% |
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