MUGHAL Steel’s annual profits increase slightly by 6%

MG News | September 20, 2019 at 04:13 PM GMT+05:00

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September 20, 2019 (MLN): Mughal Iron and Steel Industries Limited (MUGHAL) has announced its financial results for the year ended on June 30^th 2019, wherein the company reported a slight increase of about 6.4% YoY in its net profits after tax to Rs 1.37 billion from Rs 1.29 billion observed last year.

According to the financial earnings’ report issued to PSX, the Earnings per share (EPS) of the company jumped to Rs 5.46 compared to an EPS of Rs 5.13 in the previous year.

Net sales of the company jumped sharply to Rs 30.8 billion from Rs 22.2 billion, showing a remarkable increase of 39% YoY. But the gross profits of the company increased slightly by 14%YoY due to corresponding rise in cost of sales by 42% YoY.

Furthermore, 99% upsurge in impairment losses on trade debts during the year, put a limit on company’s profitability.

Alongside financial results, the board of directors of the company announced a final cash dividend of Rs. 1.20 per share i.e. 12% for the period mentioned above.

Profit and Loss Account for the Year Ended June 30th 2019 (Rupees)
	Jun-19	Jun-18	% Change
Sales	30,828,088,786	22,225,842,588	38.70%
Cost of sales	(27,639,095,197)	(19,431,430,949)	42.24%
Gross profit	3,188,993,589	2,794,411,639	14.12%
Sales and marketing expenses	(201,591,683)	(246,333,068)	-18.16%
Administrative expenses	(366,851,773)	(312,900,945)	17.24%
Other charges	(123,486,662)	(113,689,603)	8.62%
impairment loss on trade debts	(3,310,221)	(1,663,874)	98.95%
Other income	29,998,500	36,364,018	-17.50%
Finance cost	(786,328,489)	(552,460,231)	42.33%
Profit before taxation	1,737,423,261	1,603,727,936	8.34%
Taxation	(364,492,082)	(313,513,004)	16.26%
Profit after taxation	1,372,931,179	1,290,214,932	6.41%
Basic and diluted earnings per share	5.46	5.13	6.43%

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