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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Posted on: 2023-09-25T10:32:57+05:00
