PREMA creams competition with strong profits in 9MFY23

April 27, 2023 (MLN):  At-Tahur (PSX: PREMA), a pioneer in the pasteurized dairy sector has made remarkable progress throughout its journey and continuing its tradition to give strong valuation, the company posted profits worth Rs1.15 billion (EPS: Rs5.27) during the nine months that ended on March 31, 2023, up by 2.14x YoY, compared to Rs536.78mn (EPS: Rs2.46) in the same period last year.
The strong business growth of PREMA is supported by the expansion of processing facilities and improving efficiencies for delivering the best nutrition and positive impact on the lives of its consumers.
The top line of the company jumped by 53.5% YoY to clock in at Rs3.56bn in 9MFY23.
Farm milk production showed stellar growth on account of our timely expansion of farm animals and the ancillary infrastructure.
 On the cost front, the administrative and general expenses dropped by 3.14% YoY to Rs203.6mn whereas, the other expenses saw a surge of 2.15x YoY during the review period.
The bottom line of the company has also been supported by around 89% YoY increase in other income to clock in at Rs17.15mn in the review period.
 Meanwhile, the company also paid Rs30mn in terms of taxation, down by 16% YoY in 9MFY23.




Consolidated Financial Results for the nine months ended March 31, 2023 (Rupees in '000')





 

March 2023


March 2022


Change




Revenue from contracts with customers


3,569,157


2,325,010


53.511




Gain arising on initial recognition of milk at milking


2,441,005


1,540,394


58.466




Gains arising from changes in fair value less costs to sell of dairy livestock


1,768,802


694,961


154.518



 

7,778,964


4,560,365


70.578




Operating costs


-5,319,135


-3,219,458


65.218



 

2,459,829


1,340,907


83.445




Administrative and general expenses


-203,657


-210,264


-3.142




Selling and marketing expenses


-403,972


-250,253


61.425




Other expenses


-537,370


-249,238


115.605



 

-1,144,999


-709,755


61.323




Other income


17,154


9,540


79.811




Profit from operations


1,331,984


640,692


107.898




Finance cost


-150,454


-68,188


120.646




Profit before taxation


1,181,530


572,504


106.379




Taxation


-30,035


-35,720


-15.915




Profit after taxation


1,151,495


536,784


114.517




Earnings per share – basic and diluted


5.27


2.46


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Posted on: 2023-04-27T16:57:25+05:00
The post PREMA creams competition with strong profits in 9MFY23 appeared first on Mettis Global Link .