Interloop Records Highest Ever Profit of Over Rs. 20 Billion in FY23

Interloop Limited (PSX: ILP), a textile and garments exporter company, posted a profit of Rs. 20.1 billion in the financial year 2022-23.

According to Arif Habib Limited, this is the highest-ever profit reported by the company during the period in review.

Interloop Limited posted the highest-ever profit during FY23 to PKR 20.2bn (+63% YoY).@Pakstockexgltd @Interloopltd @MusadaqZ#KSE100 #PSX #ILP #Equities #Pakistan pic.twitter.com/quFqNlEy46

— Arif Habib Limited (@ArifHabibLtd) September 7, 2023

According to the company’s financial results, profits have increased by 63.2 percent as compared to Rs. 12.3 billion recorded in the same period last year.

The earnings per share (EPS) of the company increased to Rs. 14.39 in FY23 from Rs. 8.82 last year. Along with the result, ILP announced a final cash dividend of Rs. 2 per share, in addition to the interim cash dividend already paid for the year ended June 30, 2023, at the rate of Rs. 3 per share i.e. 30 percent.

Sales clocked in at Rs. 119.2 billion during the period, up by 31.1 percent. Gross profit increased from Rs. 39.8 billion compared to Rs. 26 billion in SPLY.

Meanwhile, the cost of sales soared by 22.3 percent to Rs. 79.3 billion likely due to increased cotton prices in the local and international markets, and higher depreciation of the Pakistani Rupee.

Distribution expenses increased by 16.8 percent to Rs. 3.95 billion. As a percentage of sales, distribution expenses stood at 3.3 percent compared to 3.7 percent in FY22. Administrative expenses jumped by 33.4 percent to Rs. 6.24 billion against Rs. 4.68 billion in SPLY.

The finance cost of the company observed a massive increase of 121.7 percent to Rs. 5.5 billion from Rs. 2.49 billion.

ILP’s scrip at the bourse closed at Rs. 41.85, up 4.86 percent or Rs. 1.94 with a turnover of 2,662,918 shares on Thursday.