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Packages posts 86% jump in profits in 1HCY22

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August 29, 2022 (MLN): Packages Limited (PKGS) has announced its half-yearly financial results ended on June 30, 2022, whereby the company recorded an 86% YoY jump in its net profits to clock in at Rs5.5 bn, compared to Rs2.95bn in 1HCY21, the company filing on PSX showed today.

This translated into basic earnings per share of Rs58.9 per share as compared to Rs30.95 per share in the corresponding period last year.

This improvement in earnings was attributed to other income and gains related to the business combination.

According to the results, the company’s net revenues went up by 48% YoY to Rs58bn while the cost of sales grew by 47%YoY. Consequently, the gross margins remained flat at 22% in 1HCY22.

 With regards to major expense heads, the company encountered a 37% YoY rise in its administrative expenses, while distribution and marketing expenses increased by 54% to Rs2.2bn.

In addition, the company’s other expenses ballooned by 3 times YoY to Rs1.3bn against Rs445mn in 1HCY21.

On the other hand, the upsurge of other income by 4x YoY offset the impact of the increase in expense heads.

The main highlight of the earning statement is the amount received in terms of gains related to the business combination which stood at Rs2bn in 1HCY22.

Meanwhile, finance costs witnessed a two-fold increase mainly due to the higher interest rate and long-term loans availed for the purpose of making new investments.

On the tax front, the effective tax rate improved to 35%, compared to 37% in 1HCY21.

Financial Results for the Half year ended June 30, 2022 ('000 Rupees)

 

Jun-22

Jun-21

% Change

Revenue

 57,777,328

 39,123,984

47.68%

Cost of sales and services

 (44,830,165)

 (30,569,805)

46.65%

Gross profit

 12,947,163

 8,554,179

51.35%

Administrative expenses

 (1,805,072)

 (1,314,568)

37.31%

Distribution and marketing costs

 (2,164,405)

 (1,406,968)

53.83%

(Impairment losses)/ reversal of impairment losses on financial assets

 (49,577)

 16,898

Other expenses

 (1,332,950)

 (445,183)

199.42%

Other income

 1,079,491

 237,595

354.34%

Investment Income

 328,432

 222,704

47.47%

Share of net profit of associates and joint ventures accounted for using equity method

 75,725

 44,961

68.42%

Profit from operations

 9,078,807

 5,909,618

53.63%

Finance cost

 (2,625,576)

 (1,191,145)

120.42%

Gains and losses relating to business combination

 1,993,637

 –

 

Profit before taxation

 8,446,868

 4,718,473

79.02%

Taxation

 (2,938,152)

 (1,763,528)

66.61%

Profit for the period

 5,508,716

 2,954,945

86.42%

Basic earnings per share (Rupees)

 58.29

 30.95

88.34%

 

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Posted on:2022-08-29T11:50:39+05:00

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