Thursday Sep 19, 2024
Thursday Sep 19, 2024
Thursday, 11 February 2021 02:18 - - {{hitsCtrl.values.hits}}
Haycarb Plc has more than doubled its first nine months net profit to Rs. 2.8 billion in the current financial year backed by an impressive third quarter. Profit after tax had increased by 122% to Rs. 2.8 billion from Rs. 1.27 billion in the first nine months of previous financial year. Net profit attributable to equity holders was Rs. 2.4 billion, up by 120% from a year earlier. Pre-tax profit was Rs. 3.4 billion, up 118%.
Top line growth for Haycarb was 7% to Rs. 18.8 billion whilst gross profit improved by 46% to Rs. 13 billion.
Better management of expenses had helped to improve results from operating activities to Rs. 3.5 billion, up by 93% from first nine months of last year.
A 58% reduction in net finance cost to Rs. 109 million has helped pre-tax profit level too.
Earnings per share as at 31 December 2020 at Group level was Rs. 81.02 as against Rs. 36.88 a year earlier. At Company level it was Rs. 41.85, up 98% from a year earlier.
In the third quarter, revenue rose by 11% to Rs. 7 billion and gross profit by 34% to Rs. 1.9 billion. Administrative expenses have risen by 19% in 3Q to Rs. 791 million but lower net finance cost helped to improve pre-tax profit to Rs. 1.1 billion up by 50% from 3Q of last year. After tax profit for 3Q of FY21 was Rs. 861 million up 39%.
Group assets amounted to Rs. 22.78 billion as at 31 December 2020, up from Rs. 19.4 billion in FY21. Net asset per share was Rs. 233.13 at Company level and Rs. 423 at Group level as against Rs. 176.58 and Rs. 316.61 a year earlier.
Activated carbon revenue had improved to Rs. 23.5 billion in the first nine months of FY21 up from Rs. 23.4 billion. That of environmental engineering was however down to Rs. 1.5 billion from Rs. 2.7 billion.
Profitability of activated carbon had increased to Rs. 3.2 billion (pre-tax) from Rs. 15 billion whilst environmental engineering saw pre-tax profit increase from Rs. 59 million to Rs. 242 million in first nine months of FY21. Purification associate continue to be loss making though lower at Rs. 9.6 million from Rs. 15 million and leisure associate reported a pre-tax profit of Rs. 2.2 million, down from Rs. 7 million a year earlier.
