Kohinoor Industries Limited earns Rs43.56m in FY23, up by 32% YoY
MG News | September 28, 2023 at 01:08 PM GMT+05:00
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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