Nestle Pakistan manages to lift its earnings by 13% in 9MCY20
By MG News | October 23, 2020 at 03:13 PM GMT+05:00
October 23, 2020 (MLN): Nestle Pakistan Limited has earned profits of Rs. 6.19 billion (EPS: 136.62) for the nine months ended September 30, 2020, i.e. 13% higher than the net income recorded in the same period of last year.
The company also announced a second Interim Cash Dividend of Rs. 50 per share i.e. 500%.
According to the financial report issued by the company, the net revenue grew merely by 2% whereas the cost of sales surged by 1%, prompting the gross profit to grow by 4%.
Some respite was gained from a 24% decline in non-core expense, however, the impact of that was mostly negated by a fall in other income by 40%.
Other significant costs such as Finance and Taxation increased by 3.1% and 11.2%, respectively.
| Financial Results for the nine months ended September 30, 2020 (Rupees'000) | |||
|---|---|---|---|
| Sep-20 | Sep-19 | % Change | |
| Net sales | 88,669,523 | 87,053,262 | 1.9% |
| Cost of goods sold | (62,736,054) | (62,136,593) | 1.0% |
| Gross profit | 25,933,469 | 24,916,669 | 4.1% |
| Distribution costs | (10,642,277) | (11,124,593) | -4.3% |
| Administrative expenses | (3,455,230) | (2,852,838) | 21.1% |
| Other expenses | (855,364) | (1,122,499) | -23.8% |
| Other income | 153,881 | 255,853 | -39.9% |
| Finance cost | (2,383,560) | (2,310,920) | 3.1% |
| Profit before taxation | 8,750,919 | 7,761,672 | 12.7% |
| Taxation | (2,555,303) | (2,297,349) | 11.2% |
| Profit after taxation | 6,195,616 | 5,464,323 | 13.4% |
| Earnings per share | 136.62 | 120.49 | 13.4% |
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