Nishat Mills earns Rs1bn profit in three months

MG News | September 27, 2024 at 03:26 PM GMT+05:00

0:00

September 27, 2024 (MLN): Nishat Mills Limited (PSX: NML) earned a profit after tax of Rs1.02 billion [EPS: Rs2.9] in the quarter ending June 2024, compared to a profit of Rs1.03bn [EPS: Rs2.93] in the same period last year (SPLY).

Along with the results, the company announced a final cash dividend of Rs3 per share i.e. 30%.

Going by the results, the company's top line grew 7.7% to Rs39.99bn as compared to Rs37.15bn in SPLY.

However, the cost of sales also rose by 10.8%, which worsened the gross profit by 13.2% to Rs4.18bn in Q4 FY24.

The gross margins fell to 10.5% as compared to 13.0% in SPLY.

During the period under review, other income grew by 30.3% to stand at Rs2.63bn in Q4 FY24 as compared to Rs2.02bn in SPLY.

On the expense side, the company's administrative expenses rose 17.6% YoY to Rs628.99m, selling and distribution expenses fell 0.7% YoY to Rs1.61bn, and other operating expenses rose 137.2% YoY to Rs180.81m.

The company’s finance cost shrunk 1.9% and stood at Rs2.39bn as compared to Rs2.43bn in SPLY.

On the tax front, the company paid a lower tax worth Rs979.51m against the Rs1.14bn paid in the corresponding period of last year, depicting a decrease of 13.8%.

This translates to an effective tax rate of 49.0% as compared to 52.5% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	39,989,843	37,147,210	7.65%
Cost of sales	(35,808,253)	(32,331,378)	10.75%
Gross Profit/ (loss)	4,181,590	4,815,832	-13.17%
Administrative Expenses	(628,989)	(535,088)	17.55%
Selling And Distribution Expenses	(1,612,950)	(1,623,449)	-0.65%
Other Income	2,628,206	2,017,647	30.26%
Other Operating Expenses	(180,812)	(76,228)	137.20%
Finance Cost	(2,386,316)	(2,432,206)	-1.89%
Profit/ (loss) before taxation	2,000,729	2,166,508	-7.65%
Taxation	(979,506)	(1,136,420)	-13.81%
Net profit/ (loss) for the period	1,021,223	1,030,088	-0.86%
Basic earnings/ (loss) per share	2.90	2.93	-

Amount in thousand except for EPS

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