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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