Ismail Industries' annual profits escalate by 21% on the back on improved top-line earnings

MG News | September 24, 2018 at 03:53 PM GMT+05:00

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September 24, 2018 (MLN): Ismail Industries Limited (ISIL)’s annual profits for the year ended June 30^th 2018, escalated by 21% on a year-on-year basis, primarily due to considerable improvements in top-line earnings.

The company’s financial earnings for the year were reviewed earlier today during the Board of Directors meeting, where a comparison with the prior year’s earnings was drawn as well.

According to the financial earnings’ report issued to the PSX, the company’s sales witnessed a leap of around Rs.5 billion, exhibiting a growth of almost 22%.

Moreover, since cost of sales grew by a comparatively smaller margin, Ismail Industries’ gross profits increased by 44%.

Although selling and distribution expenses registered an increase of 74%, the company still managed to keep its operating profit on an upward trend, as they recorded a YoY rise of 16%.

In addition to this, taxation during the year dropped by almost 11%, therefore the company’s annual profits increased from Rs.1.1 billion to Rs.1.4 billion, YoY.

Earnings per share went up by 21% as well, as they rose from Rs.17.83 per share to Rs.21.6 per share.

The board also recommended a final cash dividend at Rs.4.5 per share, i.e. 45%.

Consolidated Financial Results for the Year Ended June 30th 2018 (Rupees)
	Jun-18	Jun-17	% Change
Sales	28,055,265,973	23,014,395,587	21.90%
Sales tax	(4,149,047,950)	(3,409,534,324)	21.69%
Net Sales	23,906,218,023	19,604,861,263	21.94%
Cost of sales	(18,544,995,038)	(15,883,600,917)	16.76%
Gross profit	5,361,222,985	3,721,260,346	44.07%
Selling and distribution expenses	(2,896,266,866)	(1,663,043,697)	74.15%
Administrative expenses	(413,888,986)	(287,688,879)	43.87%
Operating profit	2,051,067,133	1,770,527,770	15.84%
Other operating expenses	(254,651,191)	(147,686,289)	72.43%
Other income	232,816,026	195,266,876	19.23%
Finance cost	(618,097,025)	(671,271,174)	-7.92%
Share of profit from associated undertaking	393,211,150	468,289,213	-16.03%
Profit before tax	1,804,346,093	1,615,126,396	11.72%
Taxation	(425,822,163)	(477,207,880)	-10.77%
Profit for the year	1,378,523,930	1,137,918,516	21.14%
Earnings per share - basic and diluted	21.60	17.83	21.14%

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