SAZEW races to record profits, sees 59.82x surge in 1QFY24
MG News | October 26, 2023 at 03:36 PM GMT+05:00
October 26, 2023 (MLN): Sazgar Engineering Works Limited (SAZEW) displayed a remarkable financial prowess as the company reported a staggering 59.82x YoY surge in profits to Rs658.53 million [EPS: Rs10.89] in 1QFY24 compared to Rs11mn [EPS: Rs0.18] in the same period last year.
Despite securing handsome profits, the company has not announced any dividends for its shareholders.
The company’s topline recorded a significant increase, skyrocketing by 5.26x YoY to Rs8.04 billion from Rs1.53bn during the same period last year.
On the expense side, the distribution cost went up by 3.54x YoY to Rs290mn, while administrative expenses inflated by 1.69x YoY to Rs74.4mn.
On the other hand, SAZEW enjoyed a significant increase in other income, which soared by 40.31x YoY to Rs79.6mn.
During the period under review, the finance cost of the company declined by 25% YoY to Rs450mn.
| Financial Results for the quarter ended September 30, 2023 (Rupees) | |||
|---|---|---|---|
| Sep-23 | Sep-22 | % Change | |
| Sales - net | 8,044,264,447 | 1,530,494,040 | 42559.92% |
| Cost of sales | 6,533,692,637 | 1,337,357,547 | 38855.24% |
| Gross profit | 1,510,571,810 | 193,136,493 | 68212.66% |
| Distribution cost | 290,162,882 | 82,071,481 | 25354.90% |
| Administrative expenses | 74,416,806 | 44,017,808 | 6906.07% |
| Other operating expenses | 80,675,202 | 1,099,650 | 723644.36% |
| 445,254,890 | 127,188,939 | 25007.36% | |
| Other income | 79,606,191 | 1,974,977 | 393074.02% |
| Operating profit before finance cost | 1,144,923,111 | 67,922,531 | 158563.08% |
| Finance cost | 35,555,111 | 47,647,448 | -2537.88% |
| Profit before taxation | 1,109,368,000 | 20,275,083 | 537158.30% |
| Taxation | 450,830,735 | 9,265,913 | 476547.56% |
| Profit after taxation | 658,537,265 | 11,009,170 | 588171.58% |
| Earnings per share - basic and diluted | 10.89 | 0.18 | 595000.00% |
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