Nishat Mills earns Rs1bn profit in three months
By MG News | September 27, 2024 at 03:26 PM GMT+05:00
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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