Nestle registers 10% YoY profit growth in 2023

MG News | February 28, 2024 at 01:20 PM GMT+05:00

0:00

February 28, 2024 (MLN): Nestle Pakistan Limited (PSX: NESTLE) experienced a rise of 9.59% YoY in its profits in 2023, earning a profit after tax of Rs16.49 billion [EPS: Rs363.68], compared to a profit of Rs15.05bn [EPS: Rs331.86] in the same period last year (SPLY).

Along with the results, the company announced a final cash dividend of Rs19 per share, in addition to Rs174 interim cash dividend already paid during the year 2023

Going by the results, the company's top line rose 23.44% YoY to Rs200.61bn as compared to Rs162.52bn in SPLY.

The cost of sales rose by 15.02% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 42.58% YoY to Rs70.76bn in 2023.

The gross margins improved to 35.27% as compared to 30.54% in SPLY.

During the period under review, other income decreased by 20.91% YoY to stand at Rs499.5m in 2023 as compared to Rs631.54m in SPLY.

On the expense side, the company observed a rise in administrative expenses by 15.51% YoY and other expenses by 48.26% YoY to clock in at Rs6.36bn and Rs3.38bn respectively during the review period.

The company’s finance cost increased by 12.32% YoY and stood at Rs2.62bn as compared to Rs2.34bn in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs12.55bn against the Rs7.74bn paid in the corresponding period of last year, depicting a rise of 62.12% YoY.

Unconsolidated (un-audited) Financial Results for year ended December 31, 2023 (Rupees in '000)
	Dec 23	Dec 22	% Change
Sales	200,605,005	162,516,255	23.44%
Cost of sales	(129,845,135)	(112,886,474)	15.02%
Gross Profit	70,759,870	49,629,781	42.58%
Administrative Expenses	(6,356,994)	(5,503,574)	15.51%
Selling And Distribution Expenses	(29,849,578)	(17,347,229)	72.07%
Other Income	499,497	631,543	-20.91%
Other Operating Expenses	(3,384,073)	(2,282,490)	48.26%
Finance Cost	(2,623,853)	(2,335,994)	12.32%
Profit before taxation	29,044,869	22,792,037	27.43%
Taxation	(12,552,070)	(7,742,321)	62.12%
Net profit for the period	16,492,799	15,049,716	9.59%
Basic earnings/ (loss) per share	363.68	331.86	-

Amount in thousand except for EPS

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	139,557.67 203.30M	0.83% 1145.42
ALLSHR	86,471.27 374.86M	0.90% 768.31
KSE30	42,661.74 84.83M	0.96% 406.89
KMI30	196,819.20 86.32M	1.40% 2709.61
KMIALLSHR	57,401.84 161.84M	1.21% 688.18
BKTi	37,890.52 14.29M	0.16% 59.18
OGTi	28,320.32 36.20M	3.21% 879.68

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	119,495.00	119,785.00 117,905.00	1875.00 1.59%
BRENT CRUDE	72.39	72.82 72.16	-0.85 -1.16%
RICHARDS BAY COAL MONTHLY	96.50	0.00 0.00	2.20 2.33%
ROTTERDAM COAL MONTHLY	104.50	104.50 104.50	-0.30 -0.29%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	70.01	70.41 69.80	0.01 0.01%
SUGAR #11 WORLD	16.50	16.52 16.45	0.05 0.30%