ZIL Limited returns to profitability with Rs226.8m profit in 9MCY23

October 18, 2023 (MLN): ZIL Limited (PSX: ZIL) has unveiled its statement of profit or loss for the 9MCY23, wherein the profit after tax clocked in at 226.8m [EPS: Rs13.84], compared to a loss of Rs124.93m [LPS: Rs20.41] reported in the same period last year (SPLY).

Going by the results, the company's top line soared by 43.17% YoY to Rs4.19bn as compared to Rs2.93bn in SPLY.

The cost of sales also rose by 16.36% YoY but was lesser than proportionate to sales increase, which improved the gross profit by 221.45% YoY to Rs1.23bn in 9MCY23.

On the expense side, the company observed an increase in Selling and distribution expenses by 65.25% YoY and other charges by 3.34x YoY to clock in at Rs449.31m and Rs75.73m respectively during the review period.

Similarly, ZIL's administrative expenses increased by 73.85% YoY to Rs227.31m during the review period.

Going forward, the company's other income soared by 2.02x YoY to stand at Rs12.37m in 9MCY23 as compared to Rs6.13m in SPLY.

The company’s finance costs soared by 68.99% YoY and stood at Rs92.45m as compared to Rs54.71m in 9MCY22, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs171.54m against the Rs33.9m paid in the corresponding period of last year, depicting an increase of 5.06x YoY.

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