International Industries reports 30% increase in annual profits

By MG News | August 17, 2018 at 11:35 AM GMT+05:00

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International Industries witnessed an overall growth of almost 30% in annual profits, mainly due to a significant increase in earnings from other income. The profit for the period is recorded at Rs.5.3 billion from Rs.4 billion during the FY-17.

These results were declared in a Board of Directors meeting held on August 16^th 2018.

The company’s Net sales increased by 46% while the Gross profits went up by 21%.

Although all the expenses observed an increase as compared to the last year, other income grew by a far greater margin of 91%, leading to an 18% increase in Profits before taxation.

Since international industries managed to reduce their tax provision by 4%, the overall profits for the period registered a growth of 29.6%

Other than this, the company’s Earnings per share increased from Rs.22.91 per share during FY-17 to Rs.28.75 per share during the current Financial Year, ended on June 30^th 2018.

Furthermore, The Board of Directors have decided to recommend the payment of a 65% final cash dividend i.e. Rs.6.50 per share in addition to the interim dividend of 20%, already paid, making a total dividend of 85% i.e. Rs.8.50 per share for the year ended 30th June 2018.

Financial Results for the Year ended June 30th 2018 (Rupees in '000)
	Jun-18	Jun-17	% Change
Net sales	64,541,879	44,117,667	46.29%
Cost of sales	(53,721,740)	(35,211,228)	52.57%
Gross profit	10,820,139	8,906,439	21.49%
Selling and distribution expenses	(1,591,006)	(1,236,315)	28.69%
Administrative expenses	(596,574)	(522,052)	14.27%
Finance cost	(980,924)	(679,731)	44.31%
Other operating charges	(834,132)	(604,779)	37.92%
Other income	337,952	176,315	91.68%
Share of profit in equity accounted investee - net of tax	35,222	35,753	-1.49%
Profit before taxation	7,190,677	6,075,630	18.35%
Taxation	(1,922,271)	(2,010,547)	-4.39%
Profit after taxation for the year	5,268,406	4,065,083	29.60%
Earnings per share - basic and diluted (Rupees)	28.75	22.91	25.49%

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