October 3, 2023 (MLN): The profitability of Ghani Glass Limited (PSX: GHGL) has soared by around 34% YoY in FY23 to Rs8.1 billion (EPS: Rs8.1) compared to the profits of Rs6bn [EPS: Rs6.05] in FY22.
Along with the results, the board of directors of the company also approved the 10% cash dividend in addition to the interim cash dividend of 10% (already paid) and interim stock dividend of 19.1%.
According to the financial statement, the company witnessed a 32% growth in revenue to around Rs40bn in FY23. The cost of sales grew by nearly 35% YoY, which brought the gross margin down to 28% from 29% in FY22.
On the cost side, the major expense head i.e., general and administrative costs surged by 22% to Rs1.16bn while selling and distribution cost and other expenses ballooned by 21.31% and 31% YoY, respectively.
Meanwhile, the company reported a drop of 4% YoY in finance cost to Rs117.4mn in FY23.
On the taxation front, the company paid Rs435.24bn in terms of taxes in FY23 compared to Rs194mn in the same period last year.
|
Financial results for the year ended June 30, 2023 (Rupees) |
|||
|---|---|---|---|
|
Jun-23 |
Jun-22 |
% Change |
|
|
Revenue from contracts with customers – net |
40,707,944,488 |
30,827,262,098 |
32.05% |
|
Cost of sales |
(29,426,655,685) |
(21,811,719,265) |
34.91% |
|
Gross profit |
11,281,288,803 |
9,015,542,833 |
25.13% |
|
General and administrative expenses |
(1,163,926,057) |
(954,165,279) |
21.98% |
|
Selling and distribution expenses |
(1,803,319,137) |
(1,486,519,130) |
21.31% |
|
Other expenses |
(619,017,545) |
(473,405,854) |
30.76% |
|
Exchange gain / (loss) – net |
212,693,658 |
(23,793,514) |
|
|
Provision for expected credit loss on trade debts |
(170,045,863) |
(96,533,726) |
76.15% |
|
Other income |
342,286,188 |
360,496,038 |
-5.05% |
|
Profits from operations |
8,079,960,047 |
6,341,621,368 |
27.41% |
|
Finance costs |
(117,411,570) |
(122,618,716) |
-4.25% |
|
Share of (loss)/profit of associate |
569,641,939 |
19,934,793 |
– |
|
Profit before taxation |
8,532,190,416 |
6,238,937,445 |
36.76% |
|
Taxation |
(435,241,835) |
(194,078,157) |
124.26% |
|
Profit after taxation |
8,096,948,581 |
6,044,859,288 |
33.95% |
|
Earnings per share – basic and diluted |
8.1 |
6.05 |
33.88% |
Copyright Mettis Link News
Posted on: 2023-10-03T15:40:22+05:00
