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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Posted on: 2023-10-05T14:20:06+05:00
