Unilever Pakistan earnings soar to new heights in 1QCY23

April 28, 2023 (MLN):  Unilever Pakistan Foods Limited (PSX: UPFL) profitability jumped by 83.56% YoY to clock in at Rs3.35 billion [EPS: Rs526.89] in 1QCY23 against the profits of Rs1.82bn [EPS: Rs287.04] reported in the same period last year (SPLY).
Despite the massive increase in profits, the directors did not recommend any interim cash dividend for the three months ended March 31, 2023, unlike the previous year when they paid Rs287 (i.e., 2870%) per ordinary share of Rs10 each.
Going by the results, the topline of the company stood at Rs10.66bn in 1QCY23, registering 62.81% YoY growth compared to Rs6.55bn in SPLY.
This was mainly attributed to broad-based growth of 62.8% YoY with both retail and food solutions businesses delivering consistent performance.
On the expense side, distribution, admin, and other expenses rose by 74.83% YoY to Rs1.85bn in 1QCY23.
On the other hand, the other income of the company rose 5.24x YoY and stood at Rs517.79 million in 1QCY23.
On the taxation front, the company paid 69.19% YoY higher taxes worth Rs117.16m as tax payments against Rs69.24m paid in the corresponding period of last year.
Future outlook:
Despite macroeconomic challenges like high-interest rates and the continued devaluation of the rupee, the company managed to record impressive profitability through a combination of pricing, better cost absorption and optimization.
The company expressed its optimism for the future, saying that, “The management remains committed to navigate the challenges by leveraging the power of our brands and our global and local expertise. We will continue our efforts on providing value to our consumers through new pack price architecture and driving cost transformation to ensure efficiencies within the value chain.”
“We are confident that we will continue to deliver competitive, consistent, responsible, and profitable growth benefitting all stakeholders,” it added.
 




Profit and Loss Account for the quarter  ended March 31, 2023 ('000 Rupees)






 


Mar-23


Mar-22


% Change




Sales


10,667,803


6,552,295


62.81%




Less: Cost of Sales


(5,761,035)


(3,664,649)


57.21%




Gross Profit


4,906,768


2,887,646


69.92%




Less: Distribution, Admin & Other


(1,856,341)


(1,061,784)


74.83%




Add: Other Income


517,799


98,850


423.82%




Profit before Operations


3,568,226


1,924,712


85.39%




Less: Finance Cost


(94,786)


(27,048)


250.44%




Profit before Taxation


3,473,440


1,897,664


83.04%




Less: Taxation


(117,160)


(69,246)


69.19%




Profit after Tax


3,356,280


1,828,418


83.56%




EPS-basic and diluted (Rupees)


526.89


287.04


–




Copyright  Mettis Link News
Posted on: 2023-04-28T11:52:34+05:00
The post Unilever Pakistan earnings soar to new heights in 1QCY23 appeared first on Mettis Global Link .