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

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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 30th 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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