Packages Limited's 1HCY23 profits soar to Rs7.14bn, marking 29.58% YoY growth

MG News | August 28, 2023 at 09:57 AM GMT+05:00

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August 28, 2023 (MLN): Packages Limited (PSX: PKGS) 's profitability rose by 29.58% YoY in 1HCY23, clocking in its profit after tax at Rs7.14bn [EPS: Rs74] compared to a profit of Rs5.51bn [EPS: Rs58.29] in the same period last year (SPLY).

Going by the results, the company's top line marked an increase of 31.38% YoY to Rs75.91bn as compared to Rs57.78bn in SPLY.

The cost of sales also rose by 24% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 56.93% YoY to Rs20.32bn in 1HCY23.

Moreover, during the review period, other income inched up by 5.63% YoY to stand at Rs1.41bn in 1HCY23 as compared to Rs1.08bn in SPLY.

On the expense side, the company observed an increase in distribution and marketing expenses by 30.38% YoY and other expenses by 91.36% YoY to clock in at Rs2.2bn and Rs2.55bn respectively during the review period.

The company’s finance costs skyrocketed by 2.25x YoY and stood at Rs5.9bn as compared to Rs2.63bn in 1HCY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs4.13bn against the Rs2.94bn paid in the corresponding period of last year, depicting an increase of 40.51% YoY.

Consolidated (un-audited) Financial Results for half-year ended 30 June, 2023 (Rupees in '000)
	June 23	June 22	% Change
Sales	75,908,946	57,777,328	31.38%
Cost of sales	(55,590,701)	(44,830,165)	24.00%
Gross Profit	20,318,245	12,947,163	56.93%
Distribution and marketing expenses	(2,821,849)	(2,164,405)	30.38%
Administrative expenses	(2,203,884)	(1,805,072)	22.09%
Net impairment losses of on financials assets	(243,935)	(49,577)	392.03%
Investment income	346,909	328,432	5.63%
Other income	1,408,502	1,079,491	30.48%
Other expenses	(2,550,740)	(1,332,950)	91.36%
Finance cost	(5,900,016)	(2,625,576)	124.71%
Share of net profit of associates and joint ventures accounted for using equity method	55,991	75,725	-26.06%
Gains and losses relating to business combination	2,856,984	1,993,637	43.31%
Profit before taxation	11,266,207	8,446,868	33.38%
Taxation	(4,128,283)	(2,938,152)	40.51%
Net profit/ (loss) for the period	7,137,924	5,508,716	29.58%
Basic earnings/ (loss) per share	74.00	58.29	-

Amount in thousand except for EPS

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