Nishat Mills yearly profit up 9pc

KARACHI: Profit of Nishat Mills Limited went up 9 percent to Rs9.653 billion for the year ended June 30, 2019, translating into earnings per share of Rs22.20, a bourse filing said on Thursday.

The company earned Rs8.840 billion with EPS of Rs20.72 last year. The company announced final cash dividend for the year ended June 30, 2019 at Rs4/share which was equivalent to 40 percent, the notice to the Pakistan Stock Exchange said.

Net sales for FY19 settled at Rs63,499 million (up 18 percent YoY) on back of rupee depreciation of 19 percent, increase in prices of value-added products, and improving export demand. During Q4FY19, net sales increased by 8.0 percent YoY and down by 1.0 percent QoQ due to trade war between US and China which resulted in a slowdown in export demand.

Gross margins during Q4FY19 sank by 179bps YoY and 395bps QoQ due to increase in local cotton prices by 17 percent YoY to Rs8,753/maund compared to Rs7,489/maund during SPLY.