Mughal Iron and Steel's annual profits soar by 30%

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MG News | September 19, 2018 at 03:19 PM GMT+05:00

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September 19, 2018 (MLN): Mughal Iron and Steel Industries Limited has reported 30% higher annual profits for the year ended June 30th 2018, as they rose from Rs.990.8 million to Rs.1.3 billion, YoY.

According to the financial earnings’ report issued to PSX after the company’s Board of Directors meeting took place earlier today, Mughal Iron and Steel’s annual sales up surged by 18% while gross profits grew by 42%.

On the whole, operating expenses and operating income as well as finance costs increased, yet the company managed to maintain gains in profits.

Apart from this, the basic and diluted earnings per share jumped from Rs.4.21 per share to Rs.5.13 per share, YoY.

The board has also recommended a final cash dividend at Rs.2.2 per share i.e. 22%.

 

Profit and Loss Account for the Year Ended June 30th 2018 (Rupees)

 

Jun-18

Jun-17

% Change

Sales

                            22,225,842,588

                            18,802,810,936

18.20%

Cost of sales

                         (19,431,430,949)

                         (16,837,364,157)

15.41%

Gross profit

                              2,794,411,639

                              1,965,446,779

42.18%

Sales and marketing expenses

                               (246,333,068)

                               (164,048,993)

50.16%

Administrative expenses

                               (312,900,945)

                               (265,074,820)

18.04%

Other charges

                               (115,353,477)

                                  (91,450,821)

26.14%

Other income

                                    36,364,018

                                    33,976,939

7.03%

Finance cost

                               (552,460,231)

                               (256,551,296)

115.34%

Profit before taxation

                              1,603,727,936

                              1,222,297,788

31.21%

Taxation

                               (313,513,004)

                               (231,537,873)

35.40%

Profit after taxation

                              1,290,214,932

                                  990,759,915

30.22%

Basic and diluted earnings per share

                                                 5.13

                                                 4.21

21.85%

 

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