International Steels earns Rs7.46 billion profit

Web DeskWeb Editor

25th Aug, 2021. 03:01 pm

KARACHI: The International Steels Limited (ISL) has posted a net profit of Rs7.46 billion for FY 2021, translating into the earnings per share (EPS) of Rs17.16, multiple times higher than the profit of Rs494.8 million and the EPS of Rs1.14 in FY20, a bourse filing said on Wednesday.

The company declared a final cash dividend of Rs7/share for the year ended June 30, 2021, which is in addition to the interim dividend of Rs3/share already paid to the shareholders.

The revenues surged 45.15 per cent to Rs69.79 billion in FY21, compared with 48.08 billion in the previous year. “The increase in revenues is attributable to recuperating economic and manufacturing activity, i.e., 14.9 per cent large-scale manufacturing (LSM) growth post-Covid.

The sectors related to ISL had shown decent recovery where 2/3 wheeler sales, construction and appliances, electronic manufacturing posted impressive growth,” an analyst at Insight Securities said.

Other operating charges stood at Rs1.27 billion for the year, up 282 per cent, which may be attributable to the exchange losses as average currency depreciation was 6 per cent during the quarter.

The finance cost declined 64.9 per cent to Rs811.9 million in FY20, compared with Rs2.314 billion in the previous year.

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