Habib Sugar Mills Profits jump up by 60%

MG News | December 26, 2018 at 03:50 PM GMT+05:00

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December 26, 2018 (MLN): Habib Sugar Mills Limited’s bottom-line earnings for the year ended September 30th, 2018 have jumped up by 60.6% to Rs 895 million, owing to an increase in sales revenue along with reduction in cost of sales as compared to the corresponding period last year.

Even though the company’s overall expenses increased substantially, a remarkable growth of 428% in operating profits enabled the company to drive its profits up by Rs. 337 million.

Moreover, company’s basic and diluted earnings per share exhibited an increase of 60% as it grew from RS3.72 to Rs 5.97.

Company’s Board of Directors has announced a final cash dividend at Rs 2.75 per share i.e 55%.

Consolidated Financial results for the year ended September 30, 2018 (Rupees in thousands)

	Sep-18	Sep-17	% change
Net sales and services	7,758,520.00	7,134,930.00	8.73995961
Cost of sales	6,484,368.00	6,544,790.00	-0.92320762
Gross Profit	1,274,152.00	590,140.00	115.906734
Selling and distribution expenses	(252,147.00)	(175,440.00)	43.7226402
Administrative expenses	(183,021.00)	(157,833.00)	15.9586398
Other operating expenses	(56,883.00)	(32,054.00)	77.4599114
Impairment on long-term investments - available for sale	(45,445.00)
Other income	162,419.00	246,099.00	-34.0025762
	(375,077.00)	(119,228.00)	214.588016
Operating Profit	899,075.00	470,912.00	90.9220831
Finance income - net	53,630.00	26,407.00	103.09009
Profit before taxation	952,705.00	497,319.00	91.5681886
Taxation	(57,624.00)	60,000.00
Profit after taxation	895,081.00	557,319.00	60.6047883
Earnings per share - Basic and diluted	5.97	3.72	60.483871

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