Kohinoor Industries Limited earns Rs43.56m in FY23, up by 32% YoY

MG News | September 28, 2023 at 01:08 PM GMT+05:00

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September 28, 2023 (MLN): Kohinoor Industries Limited (PSX: KOIL) 's profitability increased by 32.15% YoY in FY23, clocking in its profit after tax at Rs43.56 million [EPS: Rs1.44] compared to a profit of Rs32.96m [EPS: Rs1.09] in last year.

Going by the results, the rental income rose by 14.99% YoY to Rs78.28m as compared to Rs68.08m in SPLY.

Moreover, the company managed to earn other income of Rs43.74m in FY23 as compared to Rs12.74m in SPLY, which is a significant rise of 3.43x YoY.

On the expense side, the company observed a rise in administrative expenses by 10.89% YoY and other expenses by 4.7x YoY to clock in at Rs31.28m and Rs34.88m respectively during the review period.

The company’s finance costs grew by 41.98% YoY and stood at Rs17.49m as compared to Rs12.32m in FY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs11.9m against the Rs11.49m paid in the corresponding period of last year, depicting a rise of 3.57% YoY.

Unconsolidated (un-audited) Financial Results for year ended 30 June, 2023
	June 23	June 22	% Change
Rental income	78,277,593	68,075,548	14.99%
Administrative expenses	(31,278,570)	(28,206,111)	10.89%
Share of loss of associate	(374,490)	(728,568)	-48.60%
Other Income	43,743,502	12,738,395	243.40%
Other expenses	(34,881,419)	(7,408,007)	370.86%
Finance cost	(17,488)	(12,317)	41.98%
Profit before taxation	55,469,128	44,458,940	24.76%
Taxation	(11,904,837)	(11,494,075)	3.57%
Net profit for the period	43,564,291	32,964,865	32.15%
Basic earnings/ (loss) per share	1.44	1.09	-

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