International Industries reports a massive growth in earnings during 1HFY21

12:30
February 1, 2021
MG

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

Copyright Mettis Link News

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

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48	XPT	910.50000	912.00000	912.00000	910.50000	09:23 PM
49	XPD	973.25000	978.25000	978.25000	973.25000	09:23 PM
2,120	VES	36.29670	36.38780	36.38776	36.29673	12:03 PM
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