Lotte Chemical sees 50% drop in profit in 2023, pays Rs1 dividend
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MG News | February 21, 2024 at 11:49 AM GMT+05:00
February 21, 2024 (MLN): Lotte Chemical Pakistan Limited (PSX: LOTCHEM) reported a net income of Rs5.08 billion [EPS: Rs3.35] in 2023, a 49.8% decrease from Rs10.12bn [EPS: Rs6.68] in the previous year.
Along with the results, the company announced a final cash dividend of Rs1 per share i.e. 10%.
Going by the results made available by the company on the local bourse, LOTCHEM's top line marked a decline of 18.60% YoY to Rs81.62bn as compared to Rs100.27bn in SPLY.
The cost of sales also fell by 13.42% YoY but was not enough to offset the sales decline, which worsened the gross profit by 42.52% YoY to Rs10.24bn in 2023.
The gross margins worsened to 12.55% as compared to 17.78% in SPLY.
During the review period, other income expanded by 39.46% YoY to stand at Rs2.57bn as compared to Rs1.84bn in SPLY.
On the expense side, the company observed an increase in distribution and selling expenses by 15.40% YoY while other expenses fell by 22.31% YoY to clock in at Rs182.68m and Rs926.8m respectively during the review period.
The company’s finance costs deflated by 21.20% YoY and stood at Rs1.54bn as compared to Rs1.95bn in SPLY.
On the tax front, the company paid a lower tax worth Rs4.43bn against the Rs5.64bn paid in the corresponding period of last year, depicting a decrease of 21.43% YoY.
Unconsolidated (un-audited) Financial Results for year ended 31 December, 2023 (Rupees in '000) | |||
---|---|---|---|
Dec 23 | Dec 22 | % Change | |
Sales | 81,619,405 | 100,265,555 | -18.60% |
Cost of sales | (71,374,835) | (82,441,344) | -13.42% |
Gross Profit | 10,244,570 | 17,824,211 | -42.52% |
Distribution and selling expenses | (182,683) | (158,299) | 15.40% |
Administrative and general expenses | (654,389) | (602,534) | 8.61% |
Other Income | 2,566,973 | 1,840,697 | 39.46% |
Other operating expenses | (926,799) | (1,192,900) | -22.31% |
Finance cost | (1,539,605) | (1,953,833) | -21.20% |
Profit before taxation | 9,508,067 | 15,757,342 | -39.66% |
Taxation | (4,430,413) | (5,638,871) | -21.43% |
Net profit for the period | 5,077,654 | 10,118,471 | -49.82% |
Basic earnings/ (loss) per share | 3.35 | 6.68 | - |
Amount in thousand except for EPS
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