SAZEW breaks records with astounding 8.4x YoY profit surge in FY23

MG News | September 07, 2023 at 10:29 AM GMT+05:00

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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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