Sapphire Textile Mills witnesses 56% YoY jump in net profits during FY20

By MG News | September 25, 2020 at 11:06 AM GMT+05:00

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September 25, 2020 (MLN): Sapphire Textile Mills Limited (SAPT) witnessed 56% YoY increase in net profits for FY20 to Rs 7.86 billion compared to the profits of Rs 5 billion reported in FY19.

The earnings per share of the company also exhibited an increase of 38% YoY to Rs 245.36 as apposed to Rs 178.24 last year.

During the year, Company’s net turnover increased from Rs.49.6 billion to Rs.52.96 billion, depicting a growth of 7% YoY, while its cost of goods sold exhibited a marginal growth, accordingly, the gross profit margin of the company surged to 32% from 28% last year.

The increased profitability can be attributed to rationalization of energy prices for the export-oriented industry, currency adjustment, and Company’s continued emphasis on vertical integration and growth in sale of value-added products.

The increase in interest rates during FY20 remained a challenge for SAPT due to high cost of borrowing for working capital. The finance of the company increased to Rs.6 billion representing 11% of sales from Rs.4.97 billion representing 10% of sales in FY19.

Consolidated Profit and Loss Account for the Year ended June 30, 2020 (Rupees)
	Jun-20	Jun-19	% Change
Net turnover	52,967,395,731	49,641,617,037	7%
Cost of Sales	(36,161,494,725)	(35,792,532,087)	1%
Gross Profit	16,805,901,006	13,849,084,950	21%
Distribution Cost	(2,595,681,324)	(2,857,822,555)	-9%
Administrative Cost	(784,446,472)	(795,739,879)	-1%
Other Operating Expenses	(217,390,973)	(515,724,842)	-58%
Other Income	702,357,546	585,048,426	20%
	(2,895,161,223)	(3,584,238,850)	-19%
Profit from Operations	13,910,739,783	10,264,846,100	36%
Finance Cost	(6,054,361,338)	(4,970,115,365)	22%
Share of profit of associated companies	129,882,216	175,894,211	-26%
Profit before Taxation	7,986,260,661	5,470,624,946	46%
Taxation	(121,981,481)	(431,316,256)	-72%
Profit after Taxation	7,864,279,180	5,039,308,690	56%
Earnings per share- basic and diluted	245.36	178.24	38%

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