September 06, 2024 (MLN): National Foods Limited (PSX: NATF) recorded a profit after tax of Rs1.27 billion [EPS: Rs5.44] in the fiscal year 2023-24, down 41.0% compared to the profit of Rs2.15bn [EPS: Rs9.23] last year.
In the April-June quarter, the company made a profit of Rs281.4 million, up 24% from last year.
Along with the results, the company announced a final cash dividend for the year ending June 2024 of Rs 5 per share i.e. 100%.
This is in addition to the interim dividend already paid at Rs1.5 per share i.e. 15% during the year.
Going by the results, the company’s revenue rose 26.3% to Rs37.38bn as compared to Rs29.6bn in SPLY.
The cost of sales also rose by 31.9% but was lesser than proportionate to sales rise, which improved the gross profit by 15.6% to Rs11.84bn in Q4 FY24.
The gross margins, however, fell to 31.7% as compared to 34.6% in SPLY.
During the period under review, other income slipped 63.9% to stand at Rs319.3m in Q4 FY24 as compared to Rs884.47m in SPLY.
On the expense side, the company’s administrative expenses rose 34.5% from a year ago to Rs2.57bn, selling and distribution expenses rose 13.6% to Rs6.41bn, and other operating expenses fell 19.5% to Rs223.67m.
The company’s finance cost surged by 152.3% and stood at Rs1.57bn as compared to Rs621.39m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs118.81m against the Rs505.53m paid in the corresponding period of last year, depicting a fall of 76.5%.
This translates to an effective tax rate of 8.6% as compared to 19.0% in SPLY.
| Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in ‘000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 37,377,245 | 29,602,876 | 26.26% |
| Cost of sales | (25,541,297) | (19,360,522) | 31.92% |
| Gross Profit/ (loss) | 11,835,948 | 10,242,354 | 15.56% |
| Administrative Expenses | (2,570,002) | (1,910,177) | 34.54% |
| Selling And Distribution Expenses | (6,409,750) | (5,642,096) | 13.61% |
| Provision Reversed / (Charged) | 3,289 | (18,198) | – |
| Other Income | 319,295 | 884,472 | -63.90% |
| Other Operating Expenses | (223,669) | (277,976) | -19.54% |
| Finance Cost | (1,567,732) | (621,391) | 152.29% |
| Profit/ (loss) before taxation | 1,387,379 | 2,656,988 | -47.78% |
| Taxation | (118,811) | (505,527) | -76.50% |
| Net profit/ (loss) for the period | 1,268,568 | 2,151,461 | -41.04% |
| Basic earnings/ (loss) per share | 5.44 | 9.23 | – |
Amount in thousand except for EPS
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Posted on: 2024-09-06T09:09:37+05:00
