Pakistan Tobacco witnesses 7% profits growth in 9M

October 17, 2019 (MLN): Pakistan Tobacco Company Limited (PAKT), the leading cigarette maker in Pakistan has announced its financial results for the nine months ended September 30th 2019, wherein the company reported 7% increase in its net profits to Rs 9.98 billion from Rs 9.2 billion earn in same period last year.

The augmentation in company’s profits largely came on the back of significant rise in other income, finance income and decline in tax expenses. Other income increased by 486%, finance income surged by 59% while tax expenses declined by 16.78%.

Moreover, the company witnessed an increase in its major expense heads, such as its admin expenses and other expenses mounted by 21.7% and 30.5% respectively, but the company managed to earn profits mainly due to aforesaid facts.

Alongside financial results, the Board of Directors of the company announce an interim cash dividend for the year ending on 31st December 2019 at Rs 13 per share i.e. 130%. This is in addition to interim dividend already paid at Rs 13 per share.

  Profit and Loss Account for the Nine months ended September 30, 2019 (Rs'000)

 

Sep-19

Sep-18

% Change

 Gross turnover

 108,623,877

 97,055,026

11.92%

 Excise duties

 (54,726,071)

 (42,933,069)

27.47%

 Sales tax

 (16,316,044)

 (14,815,401)

10.13%

 Net turnover

 37,581,762

 39,306,556

-4.39%

 Cost of Sales

 (18,108,455)

 (19,651,793)

-7.85%

 Gross Profit

 19,473,307

 19,654,763

-0.92%

 Selling and distribution expenses

 (2,887,801)

 (2,885,819)

0.07%

 Administrative Expenses

 (2,114,105)

 (1,736,846)

21.72%

 Other expenses

 (1,532,746)

 (1,173,946)

30.56%

 Other income

 680,978

 116,149

486.30%

 Operating Profit

 13,619,633

 13,974,301

-2.54%

 Finance Income

 761,778

 479,076

59.01%

 Finance cost

 (123,227)

 (22,917)

437.71%

 Net finance income

 638,551

 456,159

39.98%

 Profit before income tax

 14,258,184

 14,430,460

-1.19%

 Income tax expense

 (4,273,067)

 (5,134,834)

-16.78%

 Profit for the period

 9,985,117

 9,295,626

7.42%

 Earnings per share – basic and diluted (Rupees)

 39.08

 36.38

7.42%

 

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Posted on: 2019-10-17T16:54:00+05:00

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