Hascol Petroleum reports 33% increase in half yearly profits
By MG News | August 20, 2018 at 03:17 PM GMT+05:00
Hascol Petroleum Limited registered a growth of 33.3% in its half yearly profits, as earnings mostly grew by greater margins than the expenses.
The company finalized these results during the Board of Directors meeting conducted on August 20, 2018, and issued its report to PSX on the same day.
Hascol’s Net sales grew by 57% while other revenue grew by 76%.
Gross profits increased by 90%. On one hand while Distribution and marketing expenses grew by 42% and Administrative expenses grew by 39%, other income grew by 48%.
Operating profits witnessed an increase of 130%, while Other expenses reduced to nil, leading to an increase in overall profits from Rs.771.4 million to Rs.1 billion.
The company declared Earnings per share at Rs.7.10 from Rs.6.03, up by 17.7%.
| Profit and Loss Account for the half year ended June 30th 2018 ('000 Rupees) | |||
|
| Jun-18 | Jun-17 | % Change |
| Sales - net | 147,524,398 | 94,552,773 | 56.02% |
| Sales tax | (25,791,309) | (17,022,134) | 51.52% |
| Net sales | 121,733,089 | 77,530,639 | 57.01% |
| Other revenue | 374,569 | 211,890 | 76.78% |
| Net revenue | 122,107,658 | 77,742,529 | 57.07% |
| Cost of products sold | (116,294,012) | (74,692,636) | 55.70% |
| Gross profit | 5,813,646 | 3,049,893 | 90.62% |
| Operating expenses |
|
|
|
| Distribution and marketing expenses | (1,660,693) | (1,167,850) | 42.20% |
| Administrative | (446,125) | (320,266) | 39.30% |
| Other income | 199,012 | 134,119 | 48.38% |
| Operating profit | 3,905,840 | 1,695,896 | 130.31% |
| Finance cost | (435,154) | (262,358) | 65.86% |
| Other expenses | - | (15,417) |
|
| Exchange loss - net | (1,854,550) | (7,674) |
|
| Profit before taxation | 1,616,136 | 1,410,447 | 14.58% |
| Taxation | (587,951) | (639,024) | -7.99% |
| Profit after taxation | 1,028,185 | 771,423 | 33.28% |
| Earnings per share - basic and diluted (Rupees) | 7.10 | 6.03 | 17.74% |
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