Nimir Resins Limited (PSX: NRSL) has reported a profit of Rs385.87 million [Earnings Per Share (EPS): Rs2.73] for fiscal year 2023, marking a 5.18% year-on-year (YoY) increase compared to the Rs366.87 million [EPS: Rs2.60] profit recorded in the same period last year (SPLY), according to the company’s filing on the Pakistan Stock Exchange (PSX).
The company’s revenue showed a notable growth of 13.43% YoY, reaching Rs11.06 billion, up from Rs9.75 billion in SPLY. Similarly, the cost of sales also increased by 13.43% YoY to Rs8.16 billion in FY23, compared to Rs7.2 billion in SPLY. This expansion in revenue and controlled cost resulted in an improved gross profit of Rs1.207 billion, reflecting a 12.35% YoY increase.
On the expense side, Distribution expenses rose by 31.12% YoY, amounting to Rs116.49 million, while administrative expenses increased by 22.78% YoY, reaching Rs98.702 million during the review period. However, NRSL’s other operating expenses decreased by 35.23% YoY to Rs72.39 million compared to Rs111.76 million in FY22. Other income witnessed a substantial 47.13% YoY increase, totaling Rs32.15 million in FY23, as opposed to Rs21.85 million in SPLY.
The company’s finance costs surged by 76% YoY, standing at Rs376.24 million compared to Rs213.77 million in FY22, primarily due to higher interest rates. On the tax front, NRSL paid lower taxes worth Rs190.03 million, indicating a 19.15% YoY increase from the Rs235.04 million paid in the corresponding period of the previous year.
| FY2023 | FY2022 | % Change | |
| Sales Revenue | 11,063,212 | 9,753,006 | 13% |
| Sales tax | -1,692,304 | -1,480,397 | 14% |
| Commission | 0 | -1,228 | – |
| Cost of sales | -8,163,332 | -7,196,560 | 13% |
| Gross Profit | 1,207,575 | 1,074,820 | 12% |
| Distribution expenses | -116,488 | -88,839 | 31% |
| Administrative expenses | -98,702 | -80,390 | 23% |
| Other Income | 32,146 | 21,849 | 47% |
| Other expenses | -72,386 | -111,762 | -35% |
| Finance cost | -376,237 | -213,766 | 76% |
| Operating profit | 575,908 | 601,912 | -4% |
| Taxation | -190,033 | -235,041 | -19% |
| Net Profit | 385,875 | 366,871 | 5% |
| Earnings per Share | 2.73 | 2.6 | – |
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