NESTLE's profit soars to Rs15.79bn in 9MCY23, announces Rs53 DPS

MG News | October 19, 2023 at 03:36 PM GMT+05:00

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October 19, 2023 (MLN): Nestle Pakistan Limited (PSX: NESTLE) has revealed its financial results for the 9MCY23, as per which the company's profit increased significantly by 38.69% YoY to Rs15.79bn [EPS: 348.21], compared to the Rs11.39bn profit reported in the Same Period Last year (SPLY).

Along with the 9MCY23, the Board of Directors (BoD) of NESTLE has announced an interim cash dividend of Rs53 per share i.e. 530%.

This is in addition Rs121/- interim cash dividend already paid during the year 2023.

Going by the results, the company's top line rose by 24.94% YoY to Rs151.15bn as compared to Rs120.98bn in SPLY.

The cost of sales also went up by 22.03% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 31.35% YoY to Rs49.68bn in 9MCY23.

On the expense side, the company observed a rise in Distribution and selling expenses by 26.46% YoY and other expenses by 68.74% YoY to clock in at Rs15.46bn and Rs3.09bn respectively during the review period.

Similarly, NESTLE's administrative expenses also increased by 14.35% YoY to Rs4.59bn in 9MCY23.

Going forward, the company's other income surged by 2.06x YoY to stand at Rs448.89m in 9MCY23 as compared to Rs218.09m in SPLY.

The company’s finance costs also rose by 7.64% YoY and stood at Rs1.96bn as compared to Rs1.82bn in 9MCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs9.25bn against the Rs6.77bn paid in the corresponding period of last year, depicting a rise of 36.58% YoY.

Financial Results for Nine months ended September 2023 (Rupees in '000)
	Sep 23	Sep 22	% Change
Sales	151,153,266	120,978,497	24.94%
Cost of sales	(101,473,158)	(83,156,416)	22.03%
Gross Profit	49,680,108	37,822,081	31.35%
Distribution and selling expenses	(15,458,241)	(12,223,735)	26.46%
Administrative expenses	(4,588,499)	(4,012,643)	14.35%
Other Income	448,885	218,093	105.82%
Other expenses	(3,088,404)	(1,830,326)	68.74%
Finance costs	(1,955,813)	(1,816,993)	7.64%
Profit before tax	25,038,036	18,156,477	37.90%
Taxation	(9,246,810)	(6,770,158)	36.58%
Net profit for the period	15,791,226	11,386,319	38.69%
Basic and diluted earnings/ (loss) per share	348.21	251.08	-

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