Nestle Pakistan declares 44% growth in profit, Rs90/share dividend

MG News | February 17, 2022 at 04:07 PM GMT+05:00

0:00

February 17, 2022 (MLN): Nestle Pakistan Limited has unveiled its yearly financial results that ended on December 31, 2021, wherein the company's net profit has clocked in at Rs12.77 billion, showing an impressive growth of 44% YoY when compared to Rs8.88bn recorded in CY20.

Along with the result, the company announced a final cash dividend of Rs 90 per share i.e. 900%. This is in addition to Rs195 interim cash dividend already paid during the year 2021.

Pursuant to the financial statement, revenues from contracts continue to show signs of recovery, posting an increase of 12.2% to Rs133bn compared to the same period last year due to volume increase resulting from gradual relaxation of the COVID-19 related restrictions and overall improvement in economic activities coupled with pricing management.

The company also made further progress in the recovery of operating profit, which increased by 34% YoY to Rs21.58bn due to a favorable product mix and better absorption of overheads.

In addition, the reduction in finance cost by 34% YoY for the period has also contributed towards improvement in net profit.

On the tax front, the company paid taxes worth Rs5.2bn, up by 40% YoY.

Financial Result for the Year ended December 31st, 2021 ('000 Rupees)
	2021	2020	% Change
Revenues from contracts with customers	133,295,472	118,781,274	12.22%
Cost of goods sold	(92,803,347)	(84,016,549)	10.46%
Gross Profits	40,492,125	34,764,725	16.47%
Distribution and selling expenses	(14,897,747)	(14,256,719)	4.50%
Administration expenses	(4,016,767)	(4,447,506)	-9.68%
Operating profits	21,577,611	16,060,500	34.35%
Finance cost	(1,840,228)	(2,805,015)	-34.40%
Other expenses	(2,079,361)	(1,019,221)	104.01%
Other income	295,578	354,830	-16.70%
Profit before taxation	17,953,600	12,591,094	42.59%
Taxation	(5,185,499)	(3,706,499)	39.90%
Profit after taxation	12,768,101	8,884,595	43.71%
Earnings per share - Basic and Diluted (Rupees)	281.55	195.91	43.71%

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