Nimir Resin's profit grows by 5.18% YoY to Rs385.87m in FY23

By MG News | September 25, 2023 at 10:32 AM GMT+05:00

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September 25, 2023 (MLN): Nimir Resins Limited (PSX: NRSL) has reported a profit of Rs385.87 million [EPS: Rs2.73] for the fiscal year 2023, which reflects an increase of 5.18% YoY compared to the Rs366.87m [EPS: Rs2.60] profit recorded in the same period last year (SPLY), as revealed through the company's filing on PSX today.

Going by the results, the company's top line went up by 13.43% YoY to Rs11.06bn as compared to Rs9.75bn in SPLY.

Similarly, the cost of sales also rose by 13.43% YoY to Rs8.16bn in FY23, against Rs7.2bn recorded in SPLY.

The gross profit of the company improved by 12.35% YoY to Rs1.207bn in FY23.

On the expense side, the company observed a rise in Distribution expenses by 31.12% YoY and administrative expenses by 22.78% YoY to clock in at Rs116.49m and Rs98.702m respectively during the review period.

Conversely, NRSL's other operating expenses fell by 35.23% YoY to Rs72.39m against expense of Rs111.76m recorded in FY22.

During the review period, other income soared by 47.13% YoY to stand at Rs32.15m in FY23 compared to Rs21.85m in SPLY.

The company’s finance costs surged by 76% YoY and stood at Rs376.24m compared to Rs213.77m in FY22, mainly due to higher interest rates.

On the tax front, the company paid a lower tax worth Rs190.03m against the Rs235.04m born in the corresponding period of last year, depicting a rise of 19.15% YoY.

Financial Results for Year ended 30 June 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	11,063,212,014	9,753,005,547	13.43%
Sales tax	(1,692,304,372)	(1,480,397,448)	14.31%
Commission	0	(1,227,587)	-
Cost of sales	(8,163,332,358)	(7,196,560,150)	13.43%
Gross Profit	1,207,575,284	1,074,820,362	12.35%
Distribution expenses	(116,487,929)	(88,839,071)	31.12%
Administrative expenses	(98,702,434)	(80,390,304)	22.78%
Other Income	32,145,686	21,849,163	47.13%
Other expenses	(72,386,150)	(111,761,517)	-35.23%
Finance cost	(376,236,589)	(213,766,135)	76.00%
Operating profit	575,907,868	601,912,498	-4.32%
Taxation	(190,033,012)	(235,041,366)	-19.15%
Net profit for the period	385,874,856	366,871,132	5.18%
Basic and diluted earnings/ (loss) per share	2.73	2.60	-

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