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Packages riding high

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

 

 

Copyright Mettis Link News

Posted on: 2022-04-28T13:16:52+05:00

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