Karachi July 31 2023: Nestle Pakistan Limited (NESTLE) profit jump 64.2 percent to PKR 5.3 billion in Q2 ended June 30, 2023 on the back of significant boost in revenue.
Sales for the Q2, stand at PKR 51.8 billion, reflecting a growth of 21.4 percent compared to the same period last year. The increase in revenue was boosted by company’s accretive and growth pillars. It was further complemented by a favorable portfolio mix and pricing management initiatives.
Pakistan Manufacturign output decreased by 14.37 percent for May and 21.1 percent for April 2023 as coutry facing multiple challenges of high inflation that resulted in record high commodity prices, increased taxation, a depreciating currency, and limited foreign exchange availability to pay for imports along with the lasting impacts of the devastating flooding in 2022.
Company gross margins improved to 34.4 percent in Q2 compared to 31.6 percent in the same period last year. Operating profit improved, as a result of sales growth, favorable product mix, and tighter control on fixed costs.
Company reported profit of PKR 5.3 billion in Q2, 2023 compared with profit of PKR 3.2 billion in Q2, 2022.
Nestlé Pakistan Limited is a public limited company incorporated in Pakistan – under the repealed Companies Ordinance 1984 (now Companies Act 2017). The Company is a subsidiary of Nestlé S.A, a Swiss based public limited company. The Company is principally engaged in manufacturing, processing and sale of dairy, nutrition, beverages and food products including imported products.
