GCIL's profit plummets by 42% YoY to Rs508m in FY23

MG News | October 05, 2023 at 02:20 PM GMT+05:00

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October 05, 2023 (MLN): Ghani Chemical Industries Limited (PSX: GCIL) experienced a significant fall of 41.65% YoY in its profitability for FY23, clocking in its profit after tax at Rs507.89m [EPS: 1.06], compared to Rs870.45m [EPS: 2.05] reported in the Same Period Last Year (SPLY), GCIL's filing on PSX revealed today.

Going by the results, the company's top line went up by 2.80% YoY to Rs4.33bn as compared to Rs4.21bn in SPLY.

The cost of sales also rose by 16.54% YoY but was higher than proportionate to sales increase, which worsened the gross profit by 16.55% YoY to Rs1.46bn in FY23.

On the expense side, the company observed a decrease in Distribution expenses by 36.37% YoY and other expenses by 28.82% YoY to clock in at Rs193.43m and Rs75.7m respectively during the review period.

Conversely, GCIL incurred an increase of 15.08% YoY in its administrative expenses to clock in at Rs215.62m in FY23.

During the review period, other income improved by 16.07% YoY to stand at Rs330.93m in FY23 as compared to Rs285.12m in SPLY.

The company’s finance costs surged by 63.04% YoY and stood at Rs374.38m as compared to Rs229.63m in FY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs423.75m against the Rs354.87m paid in the corresponding period of last year, depicting an increase of 19.41% YoY.

Financial Results for the year ended 30 June 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	4,332,196	4,214,089	2.80%
Cost of sales	(2,872,358)	(2,464,634)	16.54%
Gross Profit	1,459,838	1,749,455	-16.55%
Distribution expenses	(193,425)	(303,967)	-36.37%
Administrative expenses	(215,623)	(187,363)	15.08%
Share of profit of an Associated Company	0	18,047	-
Other Income	330,934	285,121	16.07%
Other expenses	(75,702)	(106,352)	-28.82%
Finance cost	(374,382)	(229,626)	63.04%
Operating profit	931,640	1,225,315	-23.97%
Taxation	(423,749)	(354,866)	19.41%
Net profit for the period	507,891	870,449	-41.65%
Basic and diluted earnings/ (loss) per share	1.06	2.05	-

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