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Nishat Mills reports lower profit in Q2, pays Rs2.5 dividend

Nishat Mills reports lower profit in Q2
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February 22, 2024 (MLN): Nishat Mills Limited (PSX: NML) experienced a decline of 22% YoY in its profit after tax for the second quarter of fiscal year 2024, amounting to Rs858.43 million [EPS: Rs2.42] compared to a profit of Rs1.1 billion [EPS: Rs3.11] in the same period last year (SPLY).

Along with the results, the company announced an interim cash dividend of Rs2.50 per share.

Going by the results made available by the company on the local bourse, the company's top line rose by 8.53% YoY to Rs2.43bn as compared to Rs2.24bn in SPLY.

However, the cost of sales also surged by 54.09% YoY, hurting the gross profit by 31.60% YoY to Rs815.58m in 2QFY24.

The gross margins worsened to 33.52% as compared to 53.17% in SPLY.

During the review period, other income rose significantly to Rs213.41m in 2QFY24 as compared to Rs27.3m in SPLY.

On the expense side, the company observed an increase in administrative expenses by 21.87% YoY to clock in at Rs108.74m.

The company’s finance costs dipped by 71.82% YoY and stood at Rs8.42m as compared to Rs29.89m in SPLY.

On the tax front, the company paid a significantly larger tax worth Rs53.39m against the Rs0.31m paid in the corresponding period of last year.

Unconsolidated (un-audited) Financial Results for quarter ended 31 December, 2023 (Rupees in '000)
  Dec 23 Dec 22 % Change
Sales 2,433,428 2,242,268 8.53%
Cost of sales (1,617,846) (1,049,944) 54.09%
Gross Profit 815,582 1,192,324 -31.60%
Administrative expenses (108,744) (89,231) 21.87%
Other Income 213,405 27,300 681.70%
Finance cost (8,422) (29,888) -71.82%
Profit before taxation 911,821 1,100,505 -17.15%
Taxation (53,394) (308) 17235.71%
Net profit for the period 858,427 1,100,197 -21.98%
Basic earnings/ (loss) per share 2.42 3.11

Amount in thousand except for EPS

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Posted on: 2024-02-22T13:53:12+05:00