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

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By 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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