August 29, 2023 (MLN): Pakistan Aluminium Beverage Cans Limited (PSX: PABC) 's profitability increased significantly by 72.14% YoY in 1HCY23, clocking in its profit after tax at Rs2.71bn [EPS: Rs7.52] compared to a profit of Rs1.58bn [EPS: Rs4.37] in the same period last year (SPLY).
Along with the results, the company announced an Interim Cash Dividend for the year ending December 31, 2023, at Rs3.5 per share i.e. 35% to all shareholders of the company.
Going by the results, the company's top line increased by 70.83% YoY to Rs11.12bn as compared to Rs6.51bn in SPLY.
The cost of sales also rose by 60.21% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 90.02% YoY to Rs4.41bn in 1HCY23.
During the review period, other income skyrocketed by 2.47x YoY to stand at Rs310.21 million in 1HCY23 as compared to Rs125.86m in SPLY.
On the expense side, the company observed a rise in selling and distribution expenses by 471.63% YoY and other expenses by 60.49% YoY to clock in at Rs735.98m and Rs459.74m respectively during the review period.
The company’s finance costs expanded by 65.26% YoY and stood at Rs327.56m as compared to Rs198.21m in 1HCY23, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs218.6m against the Rs107.88m paid in the corresponding period of last year, depicting a rise of 102.62% YoY.
| Unconsolidated (un-audited) Financial Results for half-year ended 30 June, 2023 (Rupees in '000) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Net Revenue | 11,120,384 | 6,509,669 | 70.83% |
| Cost of sales | (6,713,908) | (4,190,750) | 60.21% |
| Gross Profit | 4,406,476 | 2,318,919 | 90.02% |
| Selling and distribution expenses | (735,978) | (128,752) | 471.63% |
| Administrative expenses | (260,618) | (146,710) | 77.64% |
| Other Income | 310,211 | 125,861 | 146.47% |
| Other expenses | (459,740) | (286,454) | 60.49% |
| Finance cost | (327,564) | (198,209) | 65.26% |
| Operating profit | 2,932,786 | 1,684,655 | 74.09% |
| Taxation | (218,597) | (107,883) | 102.62% |
| Net profit for the period | 2,714,190 | 1,576,772 | 72.14% |
| Basic and diluted earnings/ (loss) per share | 7.52 | 4.37 | – |
Amount in thousand except for EPS
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Posted on: 2023-08-29T10:25:43+05:00
