PREMIUM TEXTILE MILLS LIMITED CORPORATE BRIEFING SESSION, FY23
November 23, 2023
BRIEF OVERVIEW
- Incorporated in Pakistan on March 03, 1987.
- Principal activity is to manufacture and sell cotton and polyester yarn (Greige Yarn, Fancy / Melange Yarn and Heather Yarn) as well as socks of various varieties (performance socks, speciality socks and lifestyle socks).
- The Group has successfully diversified into manufacturing of auto parts and trading.
- Flagship company of the Group.
- Commenced its operations with 12,230 spindles, which have increased to 91,455 as of today (Up: ~8x in last 30 years).
- Operating in both, local and int'l markets (FY23: Local
Sales: 3.17%; Exports Sales: 96.83% of Gross Sales); - Geared towards acquiring latest technology to provide its customers premium yarn;
- Operating its own power plant;
MANAGEMENT INFORMATION
Board of Directors
Mr. Mohammad Aslam Parekh | Chairman |
Mr. Abdul Kader Adam | Chief Executive |
Mr. Mohammad Yasin Siddik | Executive Director |
Ms. Naila Hasan | Independent Director |
Mr. Mohammad Raziuddin Monem | Independent Director |
Ms. Lubna Asif Balagamwala | Independent Director |
Mr. Tanzeel Abdul Sattar (NIT Nominee) | Director |
Managing Director | |
Mr. Zaid Siddik | |
Chief Financial Officer
Ms. Shenila Parekh
Company Secretary
Mr. Hammad Ullah Khan
Auditors
Rahman Sarfaraz Rahim Iqbal Rafiq Chartered Accountants
CERTIFICATIONS
FINANCIAL SUMMARY
PKR Million | FY'23 | FY'22 | YoY |
Sales | 22,828.70 | 19,976.81 | 14% |
Gross Profit | 3,939.42 | 5,582.09 | -29% |
Operating Profit | 3,113.05 | 4,956.17 | -37% |
Finance Cost | 2,238.21 | 875.80 | 156% |
PBT | 1,394.33 | 4,609.51 | -70% |
PAT | 1,042.64 | 4,310.38 | -76% |
Total Assets | 28,019.23 | 20,942.45 | 34% |
Total Equity | 9,152.67 | 8,308.05 | 10% |
GP Margin (%) | 17% | 28% | -38% |
NP Margin (%) | 5% | 22% | -79% |
EPS (Rs.) | 169.18 | 699.40 | -76% |
DPS (Rs.) | 25 | 100 | -75% |
BUSINESS REVIEW
- Net revenue grew by 14%, YoY, in FY23.
- Export sales grew by 17% in FY23 as compared to local sales which rose by 56% in FY23.
- FY23 utilization level stood at 88.29%.
- Number of shifts worked in FY23 were 1,092.
- The company incurred capital expenditure of PKR 4.075bn in FY23.
WORKING NOTES (RS, MILLIONS)
Sales | FY'23 | FY'22 | YoY | Cost of Sales | FY'23 | FY'22 | YoY | ||
Gross Local Sales | 731 | 470 | 55.60% | Raw Mat. Consumed 15,495 11,072 | 39.94% | ||||
Gross Export Sales | 22,316 | 19,095 | 16.87% | Production Expenses | 3,506 | 2,386 | 46.92% | ||
23,047 | 19,565 | 17.80% | 19,000 13,458 | 41.18% | |||||
Gross Local Sales | 3.17% | 2.40% | Total COGS | 18,889 14,395 | 31.22% | ||||
As a % of Net Sales | |||||||||
Gross Export Sales | 96.83% | 97.60% | |||||||
Raw Mat. Consumed 67.88% 55.43% | |||||||||
Raw Mat. Sales | 69.85 | 628.34 -88.88% | |||||||
Production Expenses 15.36% 11.94% | |||||||||
0.30% | 3.11% | ||||||||
Share in COGS | |||||||||
23,117 | 20,193 | 14.48% | |||||||
Raw Mat. Consumed 82.03% 76.92% | |||||||||
Comm. & Disc. | 289 | 217 | 33.58% | Production Expenses 18.56% 16.58% | |||||
1.25% | 1.07% | ||||||||
Net Sales | 22,828 | 19,977 | 14.27% |
WORKING NOTES (RS, MILLIONS)
24.00 |
22.00 |
20.00 |
18.00 |
16.00 |
14.00 |
22 22 22 22 22 22 23 | 23 23 23 23 23 23 23 23 23 | ||||||||
- | - - - - | 23 | Mar | - - - - - - - | |||||
Aug | Sep | Nov | Jan | May | Jun | Aug | Nov | ||
Jul | Oct | Dec | Feb- | Apr- | Sep | Oct | |||
- | - | - | Jul | ||||||
1M KIBOR | 3M KIBOR | ||||||||
Finance Cost | FY'23 | FY'22 | YoY |
L.T. Finance | 468 | 238 | 54.29% |
S.T. Borrowings | 1,572 | 549 | 49.10% |
Total Finance Cost | 2,238 | 876 | 46.59% |
L.T. Loans (Incl. ST) | 6,640 | 5,315 | 11.66% |
S.T. Borrowings | 8,136 | 4,745 | 53.17% |
Avg. Borrowing Cost | |||
L.T. Loans | 7.05% | 4.48% | |
S.T. Borrowings | 19.32%11.57% | ||
LT. Loans @ LTFF + Spread
ST. Loans @ 1M/3M KIBOR + Spread
LTFF/TERF/ITERF: WEF, Jul 01, '15
Period of Financing | SBP Rate of Finance | End User's Rate |
Over 5 Years, Upto 10 Years | SBP + (0.50%, 1.75%) | 2.60%, 3.75% |
KEY NUMBERS: 5-YEARHISTORY
Key Numbers | 2023 | 2022 | 2021 | 2020 | 2019 |
Net Sales (Rs. Mn) | 22,829 | 19,977 | 11,484 | 8,771 | 8,492 |
P.A.T. (Rs. Mn) | 1,043 | 4,310 | 1,386 | 181 | 462 |
Fixed Assets (Rs. Mn) | 12,170 | 10,011 | 6,788 | 4,208 | 3,313 |
GP Margin (%) | 17% | 28% | 21% | 14% | 14% |
Op. Margin (%) | 14% | 25% | 18% | 11% | 11% |
NP Margin (%) | 5% | 22% | 12% | 2% | 5% |
Current Ratio (x) | 1.36 | 1.63 | 1.41 | 1.11 | 1.17 |
EPS (Rs.) | 169.18 | 699.40 | 224.93 | 29.44 | 74.91 |
Cash Div. | 250% | 1000% | 500% | 80% | 225% |
Production Cap. Conv. 20/s (Kgs, Mn) | 34.59 | 42.26 | 33.35 | 33.62 | 28.97 |
Actual Prod. Conv. 20/s (Kgs,Mn) | 30.54 | 39.97 | 31.43 | 28.73 | 25.46 |
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Premium Textile Mills Ltd. published this content on 17 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2023 05:35:03 UTC.
