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

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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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