By Jawad Ahmed

ISLAMABAD, Aug 26 (INP-WealthPK): The revenues of International Industries Limited stood at Rs121.74 billion in the previous financial year 2021-22, higher by 23.29% than Rs98.74 billion in fiscal year 2020-21, reports WealthPK.

International Industries Limited manufacturers and sells galvanised steel pipes, precision steel tubes, API line pipes and polymer pipes and fittings.

During FY22, the company’s top-line showed a remarkable growth, but the rising prices of raw material and increasing cost of sales decreased its profitability.

The company posted Rs8.569 billion in profit-before-tax during FY22 compared to Rs11.788 billion in the preceding year. After statutory tax adjustments, the net profit for the year ending June 30, 2022, came in at Rs4.734 billion compared to Rs8.717 billion the year earlier, showing a decline of 45.7%.

The massive decline in profit dragged the earning per share (EPS) down to Rs18.38 from Rs41.38 the preceding year.

Company’s performance over the years

During the financial year ended June 30, 2018, the net sales of the company increased to Rs67.209 billion compared to Rs46.067 billion the preceding year.

Gross profit of the company increased to Rs11.027 billion from Rs9.145 billion.

Net profitability surged to Rs5.268 billion from Rs4.065 billion in FY17, which dragged the EPS up to Rs28.75 from Rs22.91.

The year 2019 continued to witness an increasing trend in the company’s sales revenues, which rose to Rs75.612 billion from Rs67.209 billion the year before.

However, increase in turnover could not push the gross profit, which fell to Rs9.312 billion from Rs11.027 billion the previous year, registering a 15.55% decline year-on-year.

Profit-before-tax for the year decreased to Rs4.670 billion, 35% lower than the previous year’s Rs7.191 billion.

EPS declined to Rs18.26 due to a cut in after-tax profit, which fell from Rs5.268 billion to Rs3.289 billion.

In 2020, sales decreased by 13.2% to Rs65.657 billion from Rs75.612 billion in 2019. This impacted the company’s gross profit, which declined to Rs5.883 billion from Rs9.312 billion a year earlier.

The company bore a net loss of Rs320 million in 2020 compared to a net profit of Rs3.289 billion in 2019. This converted the EPS of Rs18.26 to a loss per share of Rs4.60 in 2020.

In 2021, the company witnessed a remarkable growth in its turnover, which reached Rs98.746 billion, 50.4% higher than the previous year’s Rs65.657. The gross margins stood at Rs17.568 billion compared with Rs5.883 billion the previous year. The company’s profit-after-tax went up to Rs8.717 billion from the previous year’s loss of Rs320 million. Earnings per share for the year ended June 30, 2021 went up to as high as Rs41.38 from the loss of Rs4.60 per share the year before.

Credit: Independent News Pakistan-WealthPak