August 24, 2023 (MLN): International Industries Limited (PSX: INIL) 's profitability inched down by 2.65% YoY in FY23, clocking in its profit after tax at Rs4.61 billion [EPS: Rs23.36] compared to a profit of Rs4.73bn [EPS: Rs18.38] in the same period last year (SPLY).
Along with the results, the company announced a final cash dividend of Rs2 per share i.e. 20%.
This is in addition to the Rs5.5 i.e. 55% interim cash dividend already announced and paid, making a total dividend of Rs7.5 i.e. 75% per share for the year ended June 30, 2023.
Going by the results, the company's top line contracted by 17.25% YoY to Rs100.74bn as compared to Rs121.74bn in FY22.
The cost of sales also fell by 18.92% YoY but was not enough to offset the sales decline, which worsened the gross profit by 6.55% YoY to Rs15.3bn in FY23.
Moreover, during the review period, the company incurred other losses of Rs121.73 million as compared to other income worth Rs574.76m earned in SPLY.
On the expense side, the company observed a fall in selling and distribution expenses by 40.55% YoY and other expenses by 35.07% YoY to clock in at Rs798.91m and Rs530.34m respectively during the review period.
The company’s finance costs went up by 60.71% YoY and stood at Rs4.02bn as compared to Rs2.5bn in FY22, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs2.63bn against the Rs3.84bn paid in the corresponding period of last year, depicting a fall of 31.54% YoY.
| Consolidated (un-audited) Financial Results for the year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 100,737,162 | 121,740,071 | -17.25% |
| Cost of sales | (85,433,218) | (105,364,174) | -18.92% |
| Gross Profit | 15,303,944 | 16,375,897 | -6.55% |
| Selling and distribution expenses | (2,649,390) | (4,456,860) | -40.55% |
| Administrative expenses | (798,905) | (730,782) | 9.32% |
| Charge of loss allowance on trade debts | (51,910) | (38,394) | 35.20% |
| Other (losses)/Income | (121,726) | 574,756 | -% |
| Other operating charges | (530,337) | (816,729) | -35.07% |
| Finance cost | (4,024,436) | (2,504,160) | 60.71% |
| Share of profit of equity accounted investee | 106,820 | 165,629 | -35.51% |
| Profit before taxation | 7,234,060 | 8,569,357 | -15.58% |
| Taxation | (2,625,403) | (3,835,009) | -31.54% |
| Net profit/(loss) for the period | 4,608,657 | 4,734,348 | -2.65% |
| Basic and diluted earnings/ (loss) per share | 23.36 | 18.38 | 27.09% |
Amount in thousand except for EPS
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Posted on: 2023-08-24T10:01:51+05:00
