SAZEW’s 9MFY23 profits clock in at Rs523.74mn

MG News | April 19, 2023 at 01:51 PM GMT+05:00

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April 19, 2023 (MLN): Sazgar Engineering Works Limited (SAZEW) witnessed a substantial increase in its profits YoY to clock in at Rs523.74 million (EPS: Rs8.66) for the period of nine months ended on March 31, 2023, compared to Rs117.99m (EPS: Rs1.95) in 9MFY22.

The company recorded a significant increase in net sales, which rocketed 78.04% YoY to Rs12.59 billion from Rs7.07bn during the same period last year.

Meanwhile, SAZEW also reported higher expenses, distribution cost went up by 79.02% YoY to RS217.8m, while administrative expenses inflated by 36.85% YoY to Rs147.45m.

On the other hand, SAZEW enjoyed a significant increase in other income, which soared by 74.79% YoY to Rs17.6m.

During the period under review, the finance cost of the company climbed up substantially by 4.19x YoY to Rs133.21m, mainly due to higher interest rates.


Financial Results for the period of nine months ended on March 31, 2023 (Rupees)
	Mar-23	Mar-22	% Change
Sales - net	12,593,016,354	7,073,227,219	78.04%
Cost of sales	11,301,677,995	6,515,677,705	73.45%
Gross profit	1,291,338,359	557,549,514	131.61%
Distribution cost	(217,800,691)	(121,663,220)	79.02%
Administrative expenses	(147,451,290)	(107,743,895)	36.85%
Other operating expenses	(53,939,609)	(16,337,864)	230.15%
	(419,191,590)	(245,744,979)	70.58%
Other income	17,608,203	10,073,755	74.79%
Operating profit before finance cost	889,754,972	321,878,290	176.43%
Finance cost	(133,218,417)	(31,786,100)	319.11%
Profit before taxation	756,536,555	290,092,190	160.79%
Taxation	(232,791,478)	(172,094,590)	35.27%
Profit after taxation	523,745,077	117,997,60	343.86%
Earnings per share - basic and diluted	8.66	1.95	344.10%

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