Gul Ahmed Textile Profits Dip by 41.6% During First Half of FY23

Gul Ahmed Textile Mills Limited (PSX: GATM) has posted an Rs. 2.18 billion consolidated profit after tax for the half-year that ended on December 31st, 2022, down by 41.6 percent year-on-year (YoY) from Rs. 3.73 billion in the same period last year.

The profits decreased due to higher finance and taxation expense.

During October-December FY23, the company’s profits dipped by 65 percent to Rs. 830 million from Rs. 2.37 billion in 2QFY22.

GATM’s board of directors did not announce any dividends for the shareholders.

Net sales of the company arrived at Rs. 62.1 billion in 1HFY23, up by 9.4 percent YoY, as compared to Rs. 56.7 billion in the same period last year. Conversely, the sales in 2QFY23 declined by 5.3 percent YoY.

The company posted a gross profit of Rs. 11.45 billion in the first half of FY2023 against Rs. 11.9 billion in the same period last year, while the other income surged by 388 percent YoY to Rs. 1.08 billion compared to Rs. 220 million in 1HFY22.

The finance costs drastically almost doubled from Rs. 1.38 billion to Rs. 2.65 billion in 1HFY23.

The company paid Rs. 1.13 billion in taxes during July-December FY23 compared to Rs. 989 million in 1HFY22.

The earnings per share of the company declined from Rs. 6.05 in 1HFY22 to Rs. 3.53 in 1HFY23 mainly due to higher finance and taxation expenses.

GATM’s scrip at the bourse was closed at Rs. 19.79, down 2.46 percent or Rs. 0.5 with a turnover of 150,138 shares on Monday.

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