International Industries reports a massive growth in earnings during 1HFY21

February 1, 2021 (MLN): International Industries Limited has announced a massive growth in its earnings for the six months ended December 31, 2020 as compared to the same period of last year, from Rs. 170.2 million to Rs. 3.86 billion.

The earnings per share of the company stood at Rs. 20.13 per share, as compared to an LPS of Rs. 0.93 reported in the same period of last year.

The company also announced an interim cash dividend for the half-year ended December 31, 2020 at Rs. 3.5 per share, that is 35%.

The stellar performance of the company was driven by a strong sales growth of 35.2%, which when combined with the change in COGS, resulted in a 110.5% increase in gross profit.

The decline in major expense heads of the company, as well as the finance cost, further boosted the performance. However, a massive increase in non-core expenses slightly dented the margins.

Consolidated Financial Results for the Half-Year ended December 31, 2020 (Rupees in '000)

 

Dec-20

Dec-19

% Change

Net sales

46,727,640

34,557,442

35.2%

Cost of sales

(39,896,019)

(31,312,004)

27.4%

Gross profit

6,831,621

3,245,438

110.5%

Selling and distribution expenses

(861,486)

(886,245)

-2.8%

Administrative expenses

(288,741)

(299,794)

-3.7%

Reversal of loss allowance on trade debts

27,559

21,649

27.3%

Finance cost

(786,917)

(1,922,033)

-59.1%

Other operating expenses

(455,515)

(13,927)

3170.7%

Other income

479,331

100,544

376.7%

Share of (loss) in equity-accounted investee

(23,234)

(3,485)

566.7%

Profit before taxation

4,922,618

242,147

1932.9%

Taxation

(1,056,424)

(71,863)

1370.1%

Profit after taxation

3,866,194

170,284

2170.4%

Earnings per share

20.13

-0.93

 

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Posted on: 2021-02-01T17:30:00+05:00

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