Kohinoor Textile Mills profit soars 68% on higher other income

September 12, 2024 (MLN): Kohinoor Textile Mills Limited (PSX: KTML) earned a profit after tax of Rs15.48 billion [EPS: Rs41.72] in the fiscal year 2023-24, up 68.4% from last year largely due to a surge in other income.

Going by the consolidated results, the company's sales revenue rose 19.7% to Rs124.61bn as compared to Rs104.12bn in FY23.

The cost of sales also rose by 20.3% but was less than proportionate to sales rise, which improved the gross profit by 17.9% from last year to Rs32.48bn in  FY24.

The gross margins, however, inched lower to 26.1% as compared to 26.5% last year.

The company's other income surged by 453.0% to Rs9.84bn as compared to just Rs1.78bn in FY23.

On the expense side, the company's distribution costs rose 43.0% from a year ago to Rs7.25bn, administrative expenses rose 34.7% to Rs3.51bn, while other operating expenses fell 31.0% to Rs1.23bn.

The company’s finance cost rose by 78.4% and stood at Rs7.67bn as compared to Rs4.3bn in last year, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs6.76bn against the Rs6.21bn paid last year, depicting a rise of 9.0%.

This translates to an effective tax rate of 30.4% compared to 40.3% in FY23.

Amount in thousand except for EPS

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