KTML: Bottom line shrinks by 33% YoY in 1HFY22

MG News | February 24, 2022 at 10:48 AM GMT+05:00

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February 24, 2022 (MLN): The profitability of Kohinoor Textile Mills (KTML) has declined by 33.6% YoY to stand at Rs3.24 billion for the half-year ended on December 31, 2022, compared to Rs4.88bn earned in 1HFY21, the company’s filing on PSX showed on Thursday.

In conjunction with financial results, the company offered a final cash dividend for the quarter ended December 31, 2021, at Re1 per share i.e., 10%.

The substantial drop in profitability is attributed to the notable decline in other income.

During the period under review, the topline went up by around 33% YoY to Rs40.59bn on an account of higher growth in sales volume. Despite a 20% YoY increase in the cost of sales, this substantial increase in topline expanded the gross margin from 21% to 29% during FY22.

On the cost side, the distribution cost jumped by 60% YoY to stand at Rs1.4bn while administrative expenses moved up 6% YoY to stand at Rs866 million. In addition, the finance cost of the company has inched up by 6.2% YoY owing to monetary tightening by SBP.

Meanwhile, the other income decreased substantially by around 91% YoY to peg at Rs255mn in 1HFY22.

However, the company booked a tax expense of Rs1.46bn, up by 34% YoY during the review period.

Consolidated Financial Results for the half-year ended December 31, 2021 ('000 Rupees)
	Dec-21	Dec-20	% Change
Revenue	40,596,404	30,546,221	32.9%
Cost of sales	(28,974,399)	(24,147,605)	20.0%
Gross profit	11,622,005	6,398,616	81.6%
Distribution cost	(1,482,160)	(925,883)	60.1%
Administrative expenses	(866,705)	(817,153)	6.1%
Other expenses	(3,652,338)	(360,788)	912.3%
	(6,001,203)	(2,103,824)	185.3%
	5,620,802	4,294,792	30.9%
Other income	255,005	2,782,784	-90.8%
Profit from operations	5,875,807	7,077,576	-17.0%
Finance cost	(1,169,027)	(1,100,669)	6.2%
Profit before taxation	4,706,780	5,976,907	-21.3%
Taxation	(1,461,735)	(1,089,735)	34.1%
Profit after taxation	3,245,045	4,887,172	-33.6%
Earnings per share - Basic and Diluted (Rupees)	7.9	12.51	-36.9%

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