NML’s profitability remains flat in 1HFY20

By MG News | February 14, 2020 at 04:50 PM GMT+05:00

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February 14, 2020 (MLN): Nishat Mills Limited (NML) has announced its financial results for the half-year ended December 31, 2019, as per which, the company has reported its consolidated net earnings of Rs 4.75 billion, depicting a negligible increase of 0.14% YoY when compared to the last year’s earnings.

During the period under review, the top line surged by around 7% YoY to Rs 49.91 billion owing to the depreciation of PKR against USD and an upsurge in prices of value-added products.

Moreover, the availability of concessionary rates for gas provided the cushion to gross margin which expanded from 17% to 20% during 1HFY20.

The company’s distribution and administrative expenses plunged by 17.41% YoY and 17.5% YoY respectively. The other income went down by 32.5 % YoY on account of lower dividend income received from DGKC (associated company), NPL (subsidiary company) and high base effect as a result of one-off exchange gain in the period under review.

NML’s basic and diluted earnings per share have been reported at Rs 10.03 per share while those recorded last year were Rs 10.84 per share.

Profit and Loss Statement for the half-year ended December 31 2019 ('000 Rupees)
	Dec-19	Dec-18	% Change
Revenue	49,919,501	46,694,014	6.91%
Cost of Sales	(40,121,114)	(38,799,428)	3.41%
Gross Profit	9,798,387	7,894,586	24.12%
Distribution cost	-3218096	-2740904	17.41%
Administrative expenses	(1,051,218)	(892,815)	17.74%
Other expenses	(278,086)	(179,363)	55.04%
total expenses	(4,547,400)	(3,813,082)	19.26%
	5,250,987	4,081,504	28.65%
Other income	1,122,438	1,662,846	-32.50%
profit from operation	6,373,425	5,744,350	10.95%
Finance cost	(1,344,488)	(1,127,110)	19.29%
	5,028,937	4,617,240	8.92%
share of profit from other companies	428,261	750,265	-42.92%
Profit before taxation	5,457,198	5,367,505	1.67%
Taxation	(706,468)	(624,685)	13.09%
Profit for the period	4,750,730	4,742,820	0.17%
Earnings per share - basic and diluted (Rupees)	10.03	10.84	-7.47%

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