FY23: Ismail Industries Limited reports profit of Rs5.89bn, 157% higher YoY

Ismail Industries Limited (ISIL), manufacturer of sugar confectionery items, reported a profit after tax (PAT) of Rs5.89 billion in fiscal year 2023 that ended June 30, higher 157% on a yearly basis.

In the same period of the previous year (FY22), the confectionary maker saw a PAT of Rs2.3 billion.

According to a notice to the Pakistan Stock Exchange (PSX) on Friday, the board of directors met on September 08 to review the company’s financial and operational performance and announced a final cash dividend at the rate of Rs2 per share i.e. 20%.

This was in addition to interim cash dividend already paid at Rs10 per share i.e. 100%.

Earnings per share (EPS) were recorded at Rs90.42 in FY2023 as compared to EPS of Rs35.46 in the same period last year (SPLY).

The company’s net sales stood at Rs89.64 billion compared to Rs55.72 billion in SPLY,an increase of more than 60%.

ISIL’s gross profit jumped by over 86%, clocking in at Rs18.56 billion in FY23, compared to Rs9.96 billion in SPLY.

On a consolidated basis, the confectionary’s operating profit was at Rs9.81 billion in FY23, compared to Rs3.99 billion in SPLY, an increase of nearly 146%.

Meanwhile, the company’s other income also improved by 161% in FY23.

On the other hand, cost of finance increased to Rs4.46 billion in the year ended June 30, 2023, as compared to Rs1.46 billion in same period last year, a jump of over 205%. The higher finance cost during the period could be attributed to the rise in interest rate during the period.

Ismail Industries Limited was set up in 1988 as a private limited company.

The company manufactures and trades sugar confectionery items, biscuits, potato chips, cast polypropylene (CPP) and biaxially-oriented polyethylene terephthalate (BOPET) film under the brands ‘Candyland’, ‘Bisconni’, ‘Snackcity’ and ‘Astro films’.