July 28, 222 (MLN): Nestle Pakistan Limited (PSX: NESTLE) has unveiled its half-yearly financial results that ended on June 30, 2022, wherein the company's Profit after Tax (PAT) has clocked in at Rs7.7 billion, showing an impressive growth of 33% YoY when compared to Rs5.78bn recorded in 1HCY21.
Along with the result, the company announced an interim cash dividend of Rs155 per share i.e. 1,550%.
Pursuant to the financial statement, revenues from contracts continue to show signs of recovery, posting an increase of 22.24% to Rs80.44bn compared to the same period last year due increase in economic activities coupled with pricing management.
The company also made further progress in the recovery of operating profit, which increased by 57.45% YoY to Rs15.6bn due to a favorable product mix and better absorption of overheads.
The company witnessed a surge in finance costs by 24% YoY for the period owing to the hike in interest rates.
On the tax front, the company paid taxes worth Rs5.31bn, up by 2x YoY compared to Rs2.36bn in 1HCY21.
However, continuous rise in commodity and energy prices have resulted in a significant increase in input costs. The situation has been further aggravated by the recent devaluation of the currency.
The management of the company is fully cognizant of the situation and taking all necessary measures to manage these challenges and will continue to delight consumers with quality products and remains cautiously optimistic about the future.
|
Financial Result for the half year ended June 30, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
Jun-22 |
Jun-21 |
% Change |
|
|
Sales – net |
80,442,598 |
65,804,846 |
22.24% |
|
Cost of goods sold |
-54,279,279 |
-46,211,022 |
17.46% |
|
Gross Profits |
26,163,319 |
19,593,824 |
33.53% |
|
Distribution and selling expenses |
-8,224,103 |
-7,696,906 |
6.85% |
|
Administration expenses |
-2,344,093 |
-1,992,045 |
17.67% |
|
Operating profits |
15,595,123 |
9,904,873 |
57.45% |
|
Finance cost |
-1,238,928 |
-999,392 |
23.97% |
|
Other expenses |
-1,498,543 |
-960,746 |
55.98% |
|
Other income |
144,203 |
201,889 |
-28.57% |
|
Profit before taxation |
13,001,855 |
8,146,624 |
59.60% |
|
Taxation |
-5,306,745 |
-2,363,340 |
124.54% |
|
Profit after taxation |
7,695,110 |
5,783,284 |
33.06% |
|
Earnings per share – Basic and Diluted (Rupees) |
169.68 |
127.53 |
33.05% |
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