Thursday Nov 14, 2024
Thursday Nov 14, 2024
Friday, 12 February 2021 00:24 - - {{hitsCtrl.values.hits}}
Royal Ceramics PLC (RCL) has more than doubled its profits in the third quarter and first nine months of the 2020/21 financial year following similar growth in its top line.
As per interim results released, RCL’s pre-tax profit at Company level was Rs. 1.2 billion in 3Q up from Rs. 541 million a year earlier. The nine-month figure was Rs. 1.85 billion, up by 125% from the corresponding period last financial year.
After-tax profit improved by 98% to Rs. 1.4 billion in the first nine months, whilst for 3Q it was Rs. 981 million as against Rs. 389 million a year earlier.
Net revenue at RCL for nine months improved by 102% to Rs. 8.45 billion, whilst for 3Q it improved from Rs. 2.4 billion to Rs. 4.05 billion.
At Group level, RCL which has interests in tiles, aluminium, packaging, finance and plantations, net revenue improved by 28% to Rs. 30.8 billion for nine months and to Rs. 14 billion in 3Q from Rs. 9.4 billion.
Nine-month Group earnings per share was Rs. 29.90 as at 31 December 2020 up from Rs. 17.41 a year earlier, whilst for 3Q it was Rs. 18.15 up from Rs. 9.08. At Company level it was Rs. 8.85 (3Q) and Rs. 12.65 (nine-month) as against Rs. 3.51 and Rs. 6.40 respectively a year ago. Net Assets per Share as at 31 December 2020 was Rs. 141.30 up from Rs. 131.64 by end FY20.
RCL Group’s tiles and associated products saw revenue increase to Rs. 21.78 billion from Rs. 15.6 billion whilst its after-tax profit was Rs. 2.8 billion as against Rs. 1.3 billion.
The sanitaryware revenue improved from Rs. 1.8 billion to Rs. 2.2 billion and profit amounted to Rs. 157.4 million as against a loss of Rs. 38.6 million. The aluminium business too has turned around with a profit of Rs. 172 million as against a loss of Rs. 44.7 million. Plantation business has reduced its losses to Rs. 92 million from Rs. 377 million.
The packaging business profit has improved from Rs. 178 million to Rs. 216 million, and the finance segment managed to post a figure of Rs. 1 billion unchanged from last year.
