SAZEW breaks records with astounding 8.4x YoY profit surge in FY23
MG News | September 07, 2023 at 10:29 AM GMT+05:00
September 07, 2023 (MLN): Sazgar Engineering Works Limited (SAZEW) displayed a remarkable financial prowess as the company reported a staggering 8.4x YoY surge in profits to Rs995 million [EPS: Rs16.46] in FY23 compared to Rs117.8mn [EPS: Rs1.95] in FY22.
The handsome profits also called for some dividends therefore the company announced to pay a cash dividend of Rs4 per share.
The company recorded a significant increase in net sales, which rocketed 77% YoY to Rs18.17 billion from R10.27bn during the same period last year.
On the expense side, the distribution cost went up by 37.28% YoY to Rs588mn, while administrative expenses inflated by 61.87% YoY to Rs239mn.
On the other hand, SAZEW enjoyed a significant increase in other income, which soared by 66% YoY to Rs30.4mn.
During the period under review, the finance cost of the company climbed substantially by over 3x YoY to Rs168mn, mainly due to higher interest rates.
|
Financial Results for the year ended on June 30, 2023 (Rupees) |
|||
|---|---|---|---|
|
Jun-23 |
Jun-22 |
% Change |
|
|
Sales - net |
18,174,296,868 |
10,274,217,196 |
76.89% |
|
Cost of sales |
15,624,820,657 |
9,381,272,016 |
66.55% |
|
Gross profit |
2,549,476,211 |
892,945,180 |
185.51% |
|
Distribution cost |
588,484,168 |
428,677,498 |
37.28% |
|
Administrative expenses |
239,758,490 |
148,116,313 |
61.87% |
|
Other operating expenses |
102,401,168 |
17,173,228 |
496.28% |
|
|
930,643,826 |
593,967,039 |
56.68% |
|
Other income |
30,405,182 |
18,352,460 |
65.67% |
|
Operating profit before finance cost |
1,649,237,567 |
317,330,601 |
419.72% |
|
Finance cost |
167,801,822 |
53,878,028 |
211.45% |
|
Profit before taxation |
1,481,435,745 |
263,452,573 |
462.32% |
|
Taxation |
486,359,121 |
145,613,045 |
234.01% |
|
Profit after taxation |
995,076,624 |
117,839,528 |
744.43% |
|
Earnings per share - basic and diluted |
16.46 |
1.95 |
744.10% |
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