GCIL's profit plummets by 42% YoY to Rs508m in FY23
MG News | October 05, 2023 at 02:20 PM GMT+05:00
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 | - |
Copyright Mettis Link News
Related News
| Name | Price/Vol | %Chg/NChg |
|---|---|---|
| KSE100 | 166,498.84 185.04M | -0.57% -952.30 |
| ALLSHR | 100,481.40 703.99M | -0.51% -519.61 |
| KSE30 | 49,764.01 68.59M | -0.64% -319.08 |
| KMI30 | 240,340.56 94.21M | -0.36% -880.32 |
| KMIALLSHR | 65,599.63 389.80M | -0.33% -217.28 |
| BKTi | 45,136.63 31.52M | -1.09% -499.60 |
| OGTi | 35,252.30 4.64M | -0.58% -205.48 |
| Symbol | Bid/Ask | High/Low |
|---|
| Name | Last | High/Low | Chg/%Chg |
|---|---|---|---|
| BITCOIN FUTURES | 81,580.00 | 82,310.00 78,985.00 | 1835.00 2.30% |
| BRENT CRUDE | 106.58 | 107.13 103.88 | 0.95 0.90% |
| RICHARDS BAY COAL MONTHLY | 110.00 | 0.00 0.00 | -6.70 -5.74% |
| ROTTERDAM COAL MONTHLY | 108.25 | 108.25 107.25 | 0.00 0.00% |
| USD RBD PALM OLEIN | 1,191.50 | 1,191.50 1,191.50 | 0.00 0.00% |
| CRUDE OIL - WTI | 102.02 | 102.35 99.39 | 1.00 0.99% |
| SUGAR #11 WORLD | 15.00 | 15.42 14.92 | -0.38 -2.47% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
| Name | Last | Chg/%Chg |
|---|
| Name | Last | Chg/%Chg |
|---|
Savings Mobilized by National Savings Schemes