September 11, 2023 (MLN): Kohinoor Textile Mills Limited (PSX: KTML) reported a remarkable 72.38% YoY increase in profitability in FY23, achieving a post-tax profit of Rs9.19 billion [EPS: Rs21.55].
This is a significant rise compared to the profit of Rs5.33bn [EPS: Rs12.93] recorded in the previous year.
Going by the results, the company's top line increased by 18.35% YoY to Rs104.12bn as compared to Rs87.98bn in FY22.
The cost of sales also rose by 22.67% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 6.93% YoY to Rs25.8bn in FY23.
During the review period, other income surged by 5.37x YoY to stand at Rs1.78bn in FY23 as compared to Rs331.66m in SPLY.
On the expense side, the company observed a rise in distribution cost by 7.89% YoY while cutting down other expenses by 71.41% YoY to clock in at Rs3.32bn and Rs1.79bn respectively during the review period.
The company’s finance costs inflated by 63.31% YoY and stood at Rs4.3bn as compared to Rs2.63bn in FY22, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs6.37bn against the Rs5.02bn paid in the corresponding period of last year, depicting a rise of 27.02% YoY.
| Consolidated (un-audited) Financial Results for year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 104,119,672 | 87,976,565 | 18.35% |
| Cost of sales | (78,319,995) | (63,848,277) | 22.67% |
| Gross Profit | 25,799,677 | 24,128,288 | 6.93% |
| Distribution cost | (3,321,418) | (3,078,554) | 7.89% |
| Administrative expenses | (2,609,713) | (2,143,948) | 21.72% |
| Other Income | 1,780,032 | 331,657 | 436.71% |
| Other expenses | (1,788,943) | (6,258,269) | -71.41% |
| Finance cost | (4,300,698) | (2,633,513) | 63.31% |
| Profit From Operations | 15,558,937 | 10,345,661 | 50.39% |
| Profit before taxation | 15,558,937 | 10,345,661 | 50.39% |
| Taxation | (6,370,242) | (5,015,275) | 27.02% |
| Net profit for the period | 9,188,695 | 5,330,386 | 72.38% |
| Basic earnings/ (loss) per share | 21.55 | 12.93 | – |
Amount in thousand except for EPS
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Posted on: 2023-09-11T09:57:40+05:00
