National Foods posts 52% increase in sales, 21% in earnings

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By MG News | October 19, 2023 at 03:18 PM GMT+05:00

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October 19, 2023 (MLN): National Foods Limited (PSX: NATF) 's profitability rose by 21.02% YoY in the first quarter of FY24, clocking in its profit after tax at Rs829.38 million [EPS: Rs2.42] compared to a profit of Rs685.34m [EPS: Rs2.26] in the same period last year (SPLY).

Going by the results, the company's top line increased by 52.00% YoY to Rs19.95bn as compared to Rs13.13bn in SPLY.

The cost of sales also rose by 51.19% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 54.22% YoY to Rs5.41bn in 1QFY24.

During the period under review, other income contracted by 81.26% YoY to stand at Rs40.19m in 1QFY24 as compared to Rs214.45m in SPLY.

On the expense side, the company observed a rise in selling and distribution expenses by 47.57% YoY while other expenses fell by 12.60% YoY to clock in at Rs2.81bn and Rs24.09m respectively during the review period.

The company’s finance costs inflated by around 2.5x YoY and stood at Rs466.21m as compared to Rs187.45m in 1QFY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs316.12m against the Rs234.67m paid in the corresponding period of last year, depicting an increase of 34.71% YoY.

Consolidated (un-audited) Financial Results for Quarter ended 30 September, 2023 (Rupees in '000)
  Sep 23 Sep 22 % Change
Sales 19,954,264 13,127,968 52.00%
Cost of sales (14,542,824) (9,619,115) 51.19%
Gross Profit 5,411,440 3,508,853 54.22%
Selling and distribution expenses (2,812,656) (1,905,943) 47.57%
Impairment loss on trade debts (22,597) (5,416) 317.23%
Administrative expenses (980,586) (676,927) 44.86%
Other Income 40,193 214,451 -81.26%
Other expenses (24,086) (27,559) -12.60%
Finance cost (466,205) (187,451) 148.71%
Profit before taxation 1,145,503 920,008 24.51%
Taxation (316,122) (234,672) 34.71%
Net profit for the period 829,381 685,336 21.02%
Basic earnings/ (loss) per share  2.42 2.26 -

Amount in thousand except for EPS

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