Citi Pharma Ltd. (PSX: CPHL) reported a slight year-on-year (YoY) increase of 0.66% in its profit for FY23, reaching Rs657.98 million, equivalent to an earnings per share (EPS) of 2.88. This compares to a profit of Rs653.69 million (EPS: 2.88) reported in the Same Period Last Year (SPLY), as revealed in the company’s filing on PSX.

In addition to announcing its FY23 financial results, CPHL’s board of directors declared a final cash dividend of Rs2.50 per share, representing 25% for the year ending on June 30, 2023.

The company’s net revenue witnessed a substantial YoY increase of 26.76%, reaching Rs12.40 billion, up from Rs9.78 billion in SPLY. Although the cost of sales also rose by 29.38% YoY, it was less than the proportionate increase in sales, resulting in a 10.57% YoY growth in gross profit to Rs1.51 billion in FY23.

On the expense side, CPHL experienced a significant YoY rise in Marketing and distribution expenses, up by 46.59%, and other expenses, up by 24.93%, reaching Rs155.22 billion and Rs116.21 billion, respectively.

Conversely, administrative expenses for CPHL decreased by 29.28% YoY to Rs188.41 million during the review period, compared to Rs266.44 million in SPLY.

In FY23, other income increased by 26.42% YoY to reach Rs292.22 million, compared to Rs231.15 million in SPLY.

CPHL’s finance costs surged by 5.44 times YoY, reaching Rs386.23 million, compared to Rs71.04 million in FY22, primarily due to higher interest rates.

On the tax front, the company paid a lower tax of Rs299.27 million, down 26.45% YoY from Rs406.88 billion paid in the corresponding period of the previous year.

Turnover -Net12,3979,78027%
Cost of sales-10,890-8,41729%
Gross Profit1,5071,36311%
Marketing and distribution expenses-151-10347%
Administrative and general expenses-188-266-29%
Other Income29223126%
Other expenses-116-9325%
Finance cost-386-71444%
Profit before taxation9571,061-10%
Profit After Tax6586541%
Earnings per Share2.882.88
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