January 20, 2023 (MLN): UNITY Foods Limited (UNITY) has unveiled its financial results for the year ended June 2022, whereby it declared net profits of Rs2.18 billion (EPS: Rs2.03), 35% YoY lower than net profits of Rs3.34bn (EPS: Rs3.73) recorded in the corresponding period last year.
According to the earnings report issued to Pakistan Stock Exchange (PSX), the revenue of the company increased by 27% YoY to clock in at Rs87.71bn as compared to Rs68.83bn in the corresponding period last year.
Accordingly, the gross profit increased by 46% YoY during this period to stand at Rs8.24bn against Rs5.65bn last year, while the cost of sales moved up by 26% YoY to Rs79.48bn this period.
On the cost front, UNITY’s major expense head i.e., administration cost swelled by 90% YoY to Rs781.95 million.
On the other hand, distribution and selling costs went down by 3% YoY to 1.19bn.
Similarly, the finance costs of the company climbed by 87% YoY to stand at Rs1.80bn in FY22.
On the tax front, the effective tax rate was dropped by 85% YoY to Rs32.2mn as opposed to Rs217.68mn in FY21.
On December 6, 2022, the board of UNITY approved an equity investment of Rs1.9bn in Sunridge Foods (Private) Limited by way of subscribing 44.44mn right shares at Rs45 per share.
This investment is being funded through Unity Food's retained earnings, with a vision of long-term growth.
At present, UNITY owns 100% shares of Sunridge Foods Limited.
At the time of writing, the scrip of the company is being valued at Rs13.39, down by 24 paisa or 1.76% DoD.
|
FY-2022 |
FY-2021 |
Change % |
|
|---|---|---|---|
|
Net Sales |
87,713,010,270 |
68,831,301,040 |
27% |
|
Cost of Sales |
-79,475,327,120 |
-63,180,175,227 |
26% |
|
Gross Profit |
8,237,683,150 |
5,651,125,813 |
46% |
|
Selling and distribution expenses |
-1,197,449,783 |
-1,236,246,093 |
-3% |
|
Administration Expenses |
-781,947,819 |
-410,663,355 |
90% |
|
Other Operating Expenses |
-217,232,208 |
-263,564,371 |
-18% |
|
Allowance for impairment of |
-57,622,805 |
||
|
Exchange loss/gain |
-2,899,239,970 |
441,489,722 |
|
|
-5,153,492,585 |
-1,468,984,097 |
251% |
|
|
Other Income |
865,881,037 |
334,708,789 |
159% |
|
3,950,071,602 |
4,516,850,505 |
-13% |
|
|
Finance Cost |
(1,800,963,174) |
(960,978,338) |
87% |
|
Profit Before Taxation |
2,149,108,428 |
3,555,872,167 |
-40% |
|
Taxation |
32,201,473 |
217,679,236 |
-85% |
|
Profit After Taxation |
2,181,309,901 |
3,338,192,931 |
-35% |
|
EPS |
2.03 |
3.73 |
-46% |
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Posted on: 2023-01-20T18:54:27+05:00
