Kohinoor Textile Mills profit soars 68% on higher other income

MG News | September 12, 2024 at 09:42 AM GMT+05:00

0:00

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.

Consolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	124,612,974	104,119,672	19.68%
Cost of sales	(92,131,411)	(76,570,398)	20.32%
Gross profit/ (loss)	32,481,563	27,549,274	17.90%
Distribution costs	(7,249,725)	(5,071,015)	42.96%
Administrative expenses	(3,514,735)	(2,609,713)	34.68%
Levy	(410,639)	(163,270)	151.51%
Other income	9,842,944	1,780,032	452.96%
Other operating expenses	(1,234,738)	(1,788,943)	-30.98%
Finance cost	(7,674,273)	(4,300,698)	78.44%
Profit/ (loss) before taxation	22,240,397	15,395,667	44.46%
Taxation	(6,764,288)	(6,206,972)	8.98%
Net profit/ (loss) for the period	15,476,109	9,188,695	68.43%
Basic earnings/ (loss) per share	41.72	21.55	-

Amount in thousand except for EPS

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