CLOV PROFITS UP BY 162%
Clover Pakistan Ltd announced annual accounts for CY 2011 where the company announced PAT of Rs. 39 million against Rs. 15 million reported for CY 2010, showing a growth of 162%. Eps came in at 4.19 against 1.60 reported last year. The company also announced a cash pay out of 40% i.e Rs. 4.0/- per share.
The top line growth was unimpressive 11.25% however reduction in distribution and marketing expenses and administrative expenses and increase of 90% in other operating income resulted in 162% growth in bottom line. Finance cost grew by only 8.5% which is good.
At its last closing price of 67.20, the scrip is trading at P/E multiple of 16.0x and dividend yield of 5.9%.