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

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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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Posted on: 2022-02-17T16:07:17+05:00

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