Murree Brewery Witnesses Another Profitable Half Year in FY2018-19

Pakistan’s most prominent manufacturer of alcoholic products and one of the oldest public listed companies, Murree Brewery has announced its financial results for the half year ended 31st December 2018 (1HY19).

The company reported a growth of 4.52% in its profits, which stood at Rs 657 million as compared to last year’s profit of Rs 629 million.

Manufacturing at the company is organized under three divisions. One is the liquor division, which has been the traditional business of the firm. Second is Tops Foods division under the brand of Tops Food and Beverages. The firm also has a Tetra Pak packaging facility and the glass division. The company also owns the Sparkletts mineral water brand.

Once again the liquor division has grown consistently due to its large base which played a vital role in providing support to the profits. The liquor division posted a revenue of Rs 3.57 billion, which is up by 8.84% from Rs 3.28 billion. It posted a profit before tax of Rs 634 million, a bit down from last year’s profit of Rs 638 million.

The glass division also showed a growth of Rs 342 million, up by 17.10% from Rs 292 million in the same period last year.

The tops division (juice) faced a dent to the profits as it posted a loss of Rs 91.8 million from a loss of Rs 73 million in the corresponding previous year.

Overall the company posted a revenue of Rs 4.58 billion, up by 10.36% as compared with Rs 4.15 billion. The gross profit also improved to Rs 1.54 billion, up by 10 % compared to Rs 1.40 billion. The cost of sales were stated at Rs 3.03 billion, up by 10.21%.

The selling and distribution expenses saw an increase of 32.14% from the previous year.

The company also informed that the Supreme Court’s decision of December 2018, in relation to a tax on extracted or surface water, could affect the profitability of the company in future, in case the review petition filed in the court is not upheld.

It also announced a cash dividend of Rs 10 per share which is in addition to the interim dividend already paid at Rs 5. Earnings per share of the company increased from Rs 22.75 in the same period last year to Rs 23.78.

Murree Brewery’s stock was last traded at Rs 795, on February 21, 2019.

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