Earning Review: Mammoth rise in other income lifts NCL’s profits

MG News | October 07, 2019 at 12:08 PM GMT+05:00

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October 07, 2019 (MLN): Nishat Chunian Limited (NCL) has announced its financial results for the year ended June 30^th 2019 wherein the company posted a slight increase in its net profits after tax by 2%YoY from Rs 5.47 billion to Rs 5.578 billion.

Earnings per share of the company recorded at Rs 16.26 from Rs 15.84 reported last year.

During the period, the company’s sales revenue showed a meager growth of 3.69% whereas cost of sales escalated by 2.2%. As a result, gross margins rose by 1 ppts to 19%, while, gross profitability of the company soared by 10.69% YoY.

Moreover, the jump in topline was mainly on the back of currency depreciation and subsequently, higher final product prices.

However, company witnessed an increase in its major expense heads, a mammoth rise in company’s other income by 92% mainly due to considerable exchange gains, led the company to earn profits.

Alongside financial results, the board of directors of the company announced a final cash dividend of Rs 2.50 per share i.e. 25%. This is in addition to interim dividend already paid at Rs 1.50 per share 1.e. 15%.

Profit and Loss Statement for the year ended June 30th 2019 (Rupees)
	Jun-19	Jun-18	% Change
Sales	54,988,471,178	53,033,447,870	3.69%
Cost of Sales	(44,708,960,782)	(43,746,611,007)	2.20%
Gross Profit	10,279,510,396	9,286,836,863	10.69%
Distribution Cost	(1,006,899,746)	(968,232,967)	3.99%
Administrative expenses	(536,380,341)	(483,225,873)	11.00%
Other expenses	(502,086,236)	(170,755,814)	194.04%
Other income	1,710,316,148	888,130,215	92.57%
Finance cost	(3,830,831,920)	(2,712,197,173)	41.24%
Profit before taxation	6,113,628,301	5,840,555,251	4.68%
Taxation	(535,162,099)	(369,490,920)	44.84%
Profit for the year	5,578,466,202	5,471,064,331	1.96%
Earnings per share - basic and diluted (Rupees)	16.26	15.84	2.65%

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