October 02, 2023 (MLN): Roshan Packages Limited (PSX: RPL) has reported a profit of Rs29.41 million [EPS: 0.21] for the fiscal year 2023, compared to a profit of Rs190.18m [EPS: 1.34] reported in the Same Period Last Year (SPLY), reflecting a significant decline of 84.53% YoY.
Going by the results, the company's top line improved by 16.56% YoY to Rs12.06bn as compared to Rs10.35bn in SPLY.
The cost of sales also rose by 12.85% YoY but was lesser than proportionate to sales decline, which improved the gross profit by 39.26% YoY to Rs1.27bn in FY23.
With improved gross profit, RPL's GP margin rose by 1.72% to 10.56% in FY23.
Along with the FY23 financial results, the board of directors of RPL has announced a cash dividend of 10% per share in FY23.
On the expense side, the company observed an increase in Distribution expenses by 37.02% YoY and other operating expenses by 68.09% YoY to clock in at Rs390.04m and Rs28.08m respectively during the review period.
Additionally, RPL incurred an increase in the allowance for expected credit losses of Rs20.36m compared to a reversal of Rs16.87m in FY22.
During the review period, other income went up by 3.86% YoY to stand at Rs57.51m in FY23 as compared to Rs55.37m in SPLY.
The company’s finance costs soared by 89.44% YoY and stood at Rs318.51m as compared to Rs168.14m in FY22, mainly due to higher interest rates.
On the tax front, RPL incurred a tax expense of Rs187.78m in FY23, against a tax rebate of Rs2.81m in SPLY.
| Consolidated (un-audited) Financial Results for the year ended 30 June 2023 (Rupees) | |||
|---|---|---|---|
| June 23 | June 22 | % Change | |
| Sales | 12,063,638,949 | 10,349,295,793 | 16.56% |
| Sales tax | (1,816,945,109) | (1,483,731,282) | |
| Cost of sales | (8,972,173,863) | (7,950,325,280) | 12.85% |
| Gross Profit | 1,274,519,977 | 915,239,231 | 39.26% |
| Distribution expenses | (390,038,488) | (284,652,554) | 37.02% |
| Administrative expenses | (309,251,602) | (239,093,355) | 29.34% |
| (Provision) / reversal of allowance for expected credit losses | (20,362,827) | 16,868,047 | – |
| Other expenses | (48,584,383) | (91,527,906) | -46.92% |
| Other Income | 57,507,260 | 55,370,606 | 3.86% |
| Other operating expenses | (28,080,664) | (16,705,739) | 68.09% |
| Finance cost | (318,514,423) | (168,138,115) | 89.44% |
| Profit before tax | 217,194,850 | 187,360,215 | 15.92% |
| Taxation | (187,780,504) | 2,816,686 | – |
| Net profit for the period | 29,414,346 | 190,176,901 | -84.53% |
| Basic and diluted earnings/ (loss) per share | 0.21 | 1.34 | – |
Copyright Mettis Link News
Posted on: 2023-10-02T10:37:49+05:00
