Pakistan’s leading Textile Company, Kohinoor Textile Mills Limited (PSX: KTML) has posted a robust 72 year-over-year (YoY) increase in profitability for FY23, marking a post-tax profit of PKR 9.19 billion, with earnings per share (EPS) at PKR 21.55. This represents a significant surge compared to the previous year’s profit of PKR 5.33 billion (EPS: PKR 12.93).
In terms of revenue, the company’s top line saw a robust 18.35% YoY increase, reaching PKR 104.12 billion, compared to PKR 87.98 billion in FY22.
Despite a 22.67% YoY increase in the cost of sales, it was not proportionate to the rise in sales, resulting in an improved gross profit of Rs25.8 billion in FY23, reflecting a 6.93% YoY increase.
During the review period, other income experienced an impressive 5.37x YoY surge, reaching Rs1.78 billion in FY23, compared to Rs331.66 million in the same period last year.
On the expense side, distribution costs increased by 7.89% YoY, while other expenses were significantly reduced by 71.41% YoY, amounting to Rs3.32 billion and Rs1.79 billion, respectively.
The company’s finance costs saw a substantial YoY increase of 63.31%, standing at Rs4.3 billion in FY23, primarily due to higher interest rates.
In terms of taxes, the company paid a higher tax amounting to Rs6.37 billion, compared to Rs5.02 billion in the corresponding period of the previous year, reflecting a YoY increase of 27.02%.
| PKR in ‘000 | Jun-23 | Jun-22 | % Change |
| Sales | 104,119,672 | 87,976,565 | 18% |
| Cost of sales | -78,319,995 | -63,848,277 | 23% |
| Gross Profit | 25,799,677 | 24,128,288 | 7% |
| Distribution cost | -3,321,418 | -3,078,554 | 8% |
| Administrative expenses | -2,609,713 | -2,143,948 | 22% |
| Other Income | 1,780,032 | 331,657 | 437% |
| Other expenses | -1,788,943 | -6,258,269 | -71% |
| Finance cost | -4,300,698 | -2,633,513 | 63% |
| Profit From Operations | 15,558,937 | 10,345,661 | 50% |
| Profit before taxation | 15,558,937 | 10,345,661 | 50% |
| Taxation | -6,370,242 | -5,015,275 | 27% |
| Net profit for the period | 9,188,695 | 5,330,386 | 72% |
| Basic earnings/ (loss) per share | 21.55 | 12.93 | – |
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