Mughal Iron and Steel's annual profits soar by 30%
MG News | September 19, 2018 at 03:19 PM GMT+05:00
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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