PREMA creams competition with strong profits in 9MFY23

MG News | April 27, 2023 at 04:57 PM GMT+05:00

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April 27, 2023 (MLN): At-Tahur (PSX: PREMA), a pioneer in the pasteurized dairy sector has made remarkable progress throughout its journey and continuing its tradition to give strong valuation, the company posted profits worth Rs1.15 billion (EPS: Rs5.27) during the nine months that ended on March 31, 2023, up by 2.14x YoY, compared to Rs536.78mn (EPS: Rs2.46) in the same period last year.

The strong business growth of PREMA is supported by the expansion of processing facilities and improving efficiencies for delivering the best nutrition and positive impact on the lives of its consumers.

The top line of the company jumped by 53.5% YoY to clock in at Rs3.56bn in 9MFY23.

Farm milk production showed stellar growth on account of our timely expansion of farm animals and the ancillary infrastructure.

On the cost front, the administrative and general expenses dropped by 3.14% YoY to Rs203.6mn whereas, the other expenses saw a surge of 2.15x YoY during the review period.

The bottom line of the company has also been supported by around 89% YoY increase in other income to clock in at Rs17.15mn in the review period.

Meanwhile, the company also paid Rs30mn in terms of taxation, down by 16% YoY in 9MFY23.

Consolidated Financial Results for the nine months ended March 31, 2023 (Rupees in '000')
	March 2023	March 2022	Change
Revenue from contracts with customers	3,569,157	2,325,010	53.511
Gain arising on initial recognition of milk at milking	2,441,005	1,540,394	58.466
Gains arising from changes in fair value less costs to sell of dairy livestock	1,768,802	694,961	154.518
	7,778,964	4,560,365	70.578
Operating costs	-5,319,135	-3,219,458	65.218
	2,459,829	1,340,907	83.445
Administrative and general expenses	-203,657	-210,264	-3.142
Selling and marketing expenses	-403,972	-250,253	61.425
Other expenses	-537,370	-249,238	115.605
	-1,144,999	-709,755	61.323
Other income	17,154	9,540	79.811
Profit from operations	1,331,984	640,692	107.898
Finance cost	-150,454	-68,188	120.646
Profit before taxation	1,181,530	572,504	106.379
Taxation	-30,035	-35,720	-15.915
Profit after taxation	1,151,495	536,784	114.517
Earnings per share – basic and diluted	5.27	2.46	-

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