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Nestle registers 10% YoY profit growth in 2023

Nestle registers 10% YoY profit growth in 2023
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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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Posted on: 2024-02-28T13:20:57+05:00