Pakistan Tobacco witnesses 7% profits growth in 9M

MG News | October 17, 2019 at 04:54 PM GMT+05:00

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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 30^th 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 31^st 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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