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GOC’s profit soars to Rs154m in FY23

GOC's profit soars to Rs154m in FY23
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September 18, 2023 (MLN): GOC (Pak) Limited (PSX: GOC) achieved remarkable growth in profitability in FY23, posting a 57.92%YoY increase. The company's profit after tax soared to an impressive Rs153.76 million [EPS: Rs20.92].

This performance marks a substantial improvement compared to the previous year when the company reported a profit of Rs97.36m and an EPS of Rs13.25 in the same period.

Going by the results made available by the company to the PSX, the company's top line surged by 2.9x YoY to Rs691.44m as compared to Rs238.13m in SPLY.

The cost of sales also rose by 2.79x YoY but was lesser than proportionate to sales increase, which improved the gross profit significantly by 3.13x YoY to Rs253.77m in FY23.

During the period under review, other income shrank by 62.83% YoY to stand at Rs36.54m in FY23 as compared to Rs98.3m in SPLY.

On the expense side, the company observed an increase in distribution cost by 2.4x YoY and other expenses by 48.28% YoY to clock in at Rs40.64m and Rs9.89m respectively during the review period.

The company’s finance costs rose by 3.2x YoY and stood at Rs2.57m as compared to Rs0.81m in FY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs9.78m against the Rs5.79m paid in the corresponding period of last year, depicting an increase of 68.97% YoY.

Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023
  June 23 June 22 % Change
Sales 691,435,578 238,127,624 190.36%
Cost of sales (437,666,356) (156,985,669) 178.79%
Gross Profit 253,769,222 81,141,955 212.75%
Distribution cost (40,640,491) (16,949,732) 139.77%
Administrative expenses (76,289,963) (52,688,696) 44.79%
Share of income from associated company 2,620,068 821,317 219.01%
Other Income 36,540,640 98,300,466 -62.83%
Other expenses (9,890,249) (6,669,860) 48.28%
Finance cost (2,573,709) (806,474) 219.13%
Profit before taxation 163,535,518 103,148,976 58.54%
Taxation (9,780,356) (5,788,318) 68.97%
Net profit for the period 153,755,162 97,360,658 57.92%
Basic earnings/ (loss) per share  20.92 13.25

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Posted on: 2023-09-18T14:53:20+05:00