Packages riding high

MG News | April 28, 2022 at 01:16 PM GMT+05:00

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April 28, 2022 (MLN): Packages Limited (PKGS) recorded a twofold surge YoY in its net profits to clock in at Rs3.84 bn for the quarter ended on March 31, 2022, compared to Rs1.72bn in 1QCY21, the company filing on PSX showed today.

This translated into earnings per share which locked in at Rs41.06 per share as compared to Rs18.39 per share in the corresponding period last year.

During the year, the company’s net revenues went up by 36.8% YoY, while the cost of sales grew by 36.7%YoY.

With regards to major expense heads, the company encountered a 25% YoY rise in its administrative expenses, while distribution and marketing expenses increased to Rs1.04bn.

In addition, the company’s other expenses stood at Rs341mn, against Rs85mn in 1QFY21.

The main highlight of the earning statement is the amount received in terms of gains related to the business combination which stood at Rs4.6mn in 1QCY22.

Meanwhile, finance costs witnessed a jump of 64.43% YoY mainly due to the higher interest rate.

On the tax front, the company incurred an effective tax rate of 16%, compared to 24% in 1QCY21.

Financial Results for the first quarter ended March 31, 2022 ('000 Rupees)
	Mar-22	Mar-21	% Change
Revenue from goods and services	26,915,391	19,676,647	36.79%
Cost of sales	(21,231,585)	(15,421,447)	37.68%
Gross profit	5,683,806	4,255,200	33.57%
Administrative expenses	(810,668)	(649,046)	24.90%
Distribution and marketing costs	(1,049,750)	(780,848)	34.44%
Reversal of impairment losses / (net impairment losses) on financial assets	(15,249)	1,828
Other expenses	(341,020)	(8,747)	3798.71%
Other income	158,454	85,939	84.38%
Profit from operations	3,625,573	2,904,326	24.83%
Finance cost	(1,060,663)	(645,050)	64.43%
Share of profit/(loss) of investment accounted for using equity method- net of tax	36,388	21,080
Gains and losses relating to business combination	1,993,632
Profit before taxation	4,594,930	2,280,356	101.50%
Taxation	(751,902)	(557,353)	34.91%
Profit for the period	3,843,028	1,723,003
Basic earnings per share (Rupees)	41.06	18.39

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