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NICL’s profit up by 12.45% YoY in FY23, announces Rs2 DPS

NICL's profit up by 12.45% YoY in FY23
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September 26, 2023 (MLN): Nimir Industrial Chemicals Limited (PSX: NICL) has reported a profit of Rs2.22 billion [EPS: Rs17.60] for the fiscal year 2023, which reflects an increase of 12.45% YoY compared to the Rs1.97bn [EPS: Rs15.76] profit recorded in the same period last year (SPLY), as revealed through the company's filing on PSX today.

Along with the FY23 financial results, the board of directors of NICL has also announced a cash dividend for the period ended June 30, 2023, at Rs2 per share i.e. 20%.

Going by the results, the company's top line marked an increase of 25.43% YoY to Rs61.6bn as compared to Rs49.11bn in SPLY.

The cost of sales rose by 23.13% YoY but was lower than proportionate to sales increase, which improved the gross profit by 40.69% YoY to Rs7.56bn in FY23.

On the expense side, the company observed a rise in Distribution costs by 64.39% YoY and other expenses by 15.01% YoY to clock in at Rs519.3 million and Rs285.56m respectively during the review period.

Similarly, administrative expenses rose by 28.90% YoY to Rs589.04m in FY23, compared to Rs456.99m worth of expenses incurred in SPLY.

During the review period, the company's profitability was further supported by other income, as it grew by 3.96x YoY to stand at Rs285.88m in FY23 as compared to Rs72.28m in FY22.

The company’s finance costs soared by 2.29x YoY and stood at Rs3.08bn compared to Rs1.34bn in FY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs1.16bn against the Rs1.11bn born in the corresponding period of last year, depicting an increase of 4.19% YoY.

Financial Results for the year ended 30 June, 2023
  June  23 June 22 % Change
Revenue from contracts with customers – gross 61,603,373,899 49,113,399,389 25.43%
Sales tax, trade discounts and commission (9,124,177,974) (7,260,101,725) 25.68%
Turnover – net 52,479,195,925 41,853,297,664 25.39%
Cost of sales (44,921,286,772) (36,481,415,400) 23.13%
Gross Profit 7,557,909,153 5,371,882,264 40.69%
Distribution costs (519,302,556) (315,896,814) 64.39%
Administrative expenses (589,042,528) (456,991,382) 28.90%
Other Income 285,876,433 72,282,754 295.50%
Other expenses (285,564,690) (248,294,370) 15.01%
Finance cost (3,075,587,851) (1,340,661,083) 129.41%
Profit before taxation 3,374,287,961 3,082,321,369 9.47%
Taxation (1,157,253,263) (1,110,754,338) 4.19%
Net profit for the period 2,217,034,698 1,971,567,031 12.45%
Basic and diluted earnings/ (loss) per share  17.60 15.76

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Posted on: 2023-09-26T11:12:54+05:00