Nestle registers 10% YoY profit growth in 2023

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

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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

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