September 07, 2023 (MLN): Interloop Limited (PSX: ILP) experienced a notable 63.21% YoY increase in profitability in FY23, achieving a significant profit after tax of Rs20.17 billion [EPS: Rs14.39].
This growth contrasts with the Rs12.36bn profit [EPS: Rs8.82] recorded in the previous year.
Along with the results, the company announced a final cash dividend at Rs2 per share i.e. 20% for the year ended June 30, 2023.
This is in addition to the interim cash dividend already paid for the year ended June 30, 2023, at Rs3 per share i.e. 30%.
Going by the results, the company's top line surged by 31.14% YoY to Rs119.2bn as compared to Rs90.89bn in SPLY.
The cost of sales also increased by 22.37% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 52.97% YoY to Rs39.87bn in FY23.
Moreover, during the review period, other income surged by 2.77x YoY to stand at Rs158.24m in FY23 as compared to Rs57.12m in SPLY.
On the expense side, the company observed a rise in distribution cost by 16.87% YoY and other expenses by 26.96% YoY to clock in at Rs3.95bn and Rs2.72bn respectively during the review period.
The company’s finance costs soared by 2.22x YoY and stood at Rs5.53bn as compared to Rs2.49bn in FY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs1.41bn against the Rs1.06bn paid in the corresponding period of last year, depicting an increase of 32.71% YoY.
| Unconsolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 119,200,293 | 90,894,049 | 31.14% |
| Cost of sales | (79,327,921) | (64,827,880) | 22.37% |
| Gross Profit | 39,872,372 | 26,066,169 | 52.97% |
| Distribution cost | (3,952,564) | (3,382,031) | 16.87% |
| Administrative expenses | (6,245,371) | (4,681,472) | 33.41% |
| Other Income | 158,237 | 57,122 | 177.02% |
| Other expenses | (2,721,284) | (2,143,370) | 26.96% |
| Finance cost | (5,527,536) | (2,492,950) | 121.73% |
| Profit From Operations | 21,583,854 | 13,423,468 | 60.79% |
| Profit before taxation | 21,583,854 | 13,423,468 | 60.79% |
| Taxation | (1,412,009) | (1,063,972) | 32.71% |
| Net profit for the period | 20,171,845 | 12,359,496 | 63.21% |
| Basic earnings/ (loss) per share | 14.39 | 8.82 | – |
Amount in thousand except for EPS
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Posted on: 2023-09-07T14:39:30+05:00
