AKD Securities Limited – EFOODS: Income Statement

Karachi, April 20, 2015 (PPI-OT): On a consolidated basis, EFOODS posted NPAT of PkR1,064mn (EPS: PkR1.39) in 1QCY15 against NPAT of PkR190mn (EPS: PkR0.25) in 1QCY14; up 4.8x YoY. On a sequential basis, the company was able to carry forward the positive earnings momentum, as it grow by a stellar 76%QoQ, versus NPAT of PkR606mn (EPS: PkR0.79) posted in 4QCY14.

While revenues continued to show an encouraging recovery (up 24%YoY/2%QoQ), the prime profitability driver remain the uptick in gross margins that went up by 700bps/775bps YoY/QoQ to 27.3% in 1QCY15 on the back of seasonal weakness in milk procurement prices. Prudent expense management further improved bottom-line as distribution alongwith admin expenses went down by 2%YoY and 19%YoY respectively.

1QCY15 financial results mark the highest ever quarterly profits for the company, indicating towards an even better CY15F performance. Presently, AKD Securities Limited processes of reviewing AKD Securities Limited’s investment case post release of detailed accounts and will update investors accordingly.

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