Non-core income causes Dawood Hercules' half yearly profits to skyrocket
MG News | August 28, 2018 at 10:50 AM GMT+05:00
Dawood Hercules Corporation Limited’s half yearly profits for the period ended on June 30th 2018, grew by more than three times as the company recorded an extraordinary rise of 231% in profits.
The company conducted its Board of Directors meeting on August 27th 2018, during which, the board finalized its financial earnings for the period and compared it to the earnings made during the half year period, ended on June 30th 2017.
Dawood Hercules experienced 37% growth in Net sales, leading to 48% rise in gross profits.
Moreover, other income shot up by 198%, and while other operating expenses increased by the same percentage as well, it remained insignificant in terms of value, as compared to other income.
Overall profits for the period increased from Rs.6.5 million to Rs.21.5 million on year-on-year basis, whereas basic and diluted earnings per share witnessed a growth of 970% as it went up from Rs.2.47 per share to Rs.26.45 per share.
Other than this, the company further recommended an interim cash dividend for the quarter ended at Rs.3 per share that is 30%
| Financial Results for the half year ended June 30th 2018 (rupees) | |||
|---|---|---|---|
|
| Jun-18 | Jun-17 | % Change |
| Net sales | 71,733,077 | 52,241,332 | 37.31% |
| Cost of sales | (49,908,340) | (37,566,034) | 32.85% |
| Gross profit | 21,824,737 | 14,675,298 | 48.72% |
| Selling and distribution expenses | (3,564,360) | (3,463,816) | 2.90% |
| Administrative expenses | (2,138,586) | (1,905,187) | 12.25% |
| Other income | 16,767,077 | 5,618,426 | 198.43% |
| Other operating expenses | (2,260,049) | (756,690) | 198.68% |
| Finance costs | (2,830,979) | (2,808,702) | 0.79% |
| Share of income from associates and Joint ventures | (501,605) | 1,451,181 |
|
| Profit before taxation | 27,296,235 | 12,810,510 | 113.08% |
| Taxation | (5,776,411) | (6,310,352) | -8.46% |
| Profits for the period | 21,519,824 | 6,500,158 | 231.07% |
| Basic and diluted earnings per share | 26.45 | 2.47 | 970.85% |
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