NML profits ballooned by 56% YoY in FY21

MG News | September 20, 2021 at 05:01 PM GMT+05:00

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September 20, 2021 (MLN): Nishat Mills Ltd (NML) has posted a consolidated FY21 net profit of Rs11.21bn (EPS: Rs28.15), up by 56% YoY when compared to Rs8.77bn (EPS:18.07) reported in FY20.

The improvement in earnings is mainly due to lower finance costs and a share of profits from associates.

During the period under review, the top line witnessed an 18.1% YoY increase to Rs104bn due to low base effect and the overall macroeconomic improvement following the lockdown restrictions in last fiscal year despite 6.2% YoY average rupee-dollar appreciation. While the cost of sales surged by 21.5% YoY to Rs86bn. As a result, the gross profits of the company clocked in at Rs18.66bn, up by 4.32% YoY.

On the cost side, the distribution cost went up by 6% YoY while administrative expenditure saw a marginal decline of 1.85% YoY during FY21.

Meanwhile, the company enjoyed profits of Rs 2.85bn from associates, up by 3.20x YoY during the said period. Moreover, the positive impact of lower interest rate was also visibly seen in financial cost which plunged by 36.4% YoY to Rs1.88bn in the said period.

Along with the financial results, the company announced a final cash dividend of Rs4 per share i.e.,40% for the year ended June 30, 2021.

Consolidated Profit and Loss Statement for the year ended June 30th, 2021 ('000 Rupees)
	Jun-21	Jun-20	% Change
Revenue	104,727,458	88,709,830	18.06%
Cost of Sales	(86,066,252)	(70,822,039)	21.52%
Gross Profit	18,661,206	17,887,791	4.32%
Distribution cost	(6,456,276)	(6,093,102)	5.96%
Administrative expenses	(2,182,075)	(2,223,204)	-1.85%
Other expenses	(597,767)	(218,300)	173.83%
Total expenses	(9,236,118)	(8,534,606)	8.22%
	9,425,088	9,353,185	0.77%
Other income	2,732,075	2,351,438	16.19%
Profit from operation	12,157,163	11,704,623	3.87%
Finance cost	(1,881,452)	(2,957,854)	-36.39%
Share of profit from associates	2,848,522	864,092	229.65%
Profit before taxation	13,124,233	9,610,861	36.56%
Taxation	(1,918,637)	(839,106)	128.65%
Profit for the year	11,205,596	8,771,755	27.75%
Earnings per share - basic and diluted (Rupees)	28.15	18.07	55.78%

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