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Cargills 3Q net profit soars 97% to Rs.637mn

23 February 2017 12:02 am - 0     - {{hitsCtrl.values.hits}}


The retailing and fast-moving consumer goods (FMCG) giant, Cargills (Ceylon) PLC, posted a net profit of Rs.636.84 million for the third quarter ended December 31, 2016 (3Q17) recording a 37.52 percent increase year-on-year (YoY).
The earnings per share for 3Q17 increased to Rs.2.84 from Rs.2.07 YoY.
Revenue increased 21.76 percent YoY to Rs.22.01 billion, while the cost of sales increased 20.60 percent YoY to Rs.19.36 billion. The distribution expenses increased only marginally despite the top line growth.
The net finance costs increased 100.34 percent YoY to Rs.312.13 million, while the income taxes increased 41.72 percent YoY to Rs.414.73 million.
The group asset base increased to Rs.49.47 billion at the end of 3Q17 from Rs.42.21 billion at the start of the financial year, with investments in associates increasing by Rs.2.5 billion. The net asset value per share increased to Rs.68.40 from to Rs.63.04.
Short-term borrowings at the end of 3Q17 increased to Rs.13.86 billion from Rs.11.31 billion nine months ago, while the non-current borrowings were negligible, compared to Rs.198.30 million at the start of the financial year.
For the nine months so far in the financial year, Cargills posted a net profit of Rs.1.94 billion, increasing 59.77 percent YoY, while the earnings per share increased to Rs.8.64 from Rs.5.41 YoY.
Revenue increased 21.88 percent YoY to Rs.64.09 billion, while the cost of sales increased 20.15 percent YoY to Rs.56.29 billion. The income taxes increased 82.34 percent YoY to Rs.3.44 billion.
Segmentally, the retail operations contributed most towards profits for the nine months with an operating profit of Rs.2.35 billion, a 94.34 percent increase YoY. The retail revenue increased 22.94 percent YoY to Rs.50.97 billion.
The FMCG operational profits increased 48.46 percent YoY to Rs.1.71 billion, while revenue increased 18.15 percent YoY to Rs.15.29 billion.

The restaurant franchise operations contributed Rs.208.67 million in operating profits, up 100.32 percent YoY, while revenue increased 16.63 percent YoY to Rs.2.46 billion.
The Page family controls 81.09 percent of the shares in Cargills, while the state-controlled Employees’ Provident Fund owns 3.28 percent of the shares. 

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