Sector
ZIL Limited (ZIL)
FOOD & PERSONAL
CARE PRODUCTS
Chase Research
research@chasesecurities.com
+92-21-35293054-60
Symbol: ZIL
Current Price: PKR 290.00
Market Cap (PKR bn): 1.78
Total Shares (mn): 6.12
Free Float (thousands): 306.13
52 Week Low: PKR 159.10
52 Week High: PKR 359.00
+92 213 529 3054-60
In 9MCY23, ZIL Limited reported a net profit of PKR
226.80 million (EPS: PKR 37.05), reflecting a significant
increase from the net loss of PKR 124.93 million (LPS:
PKR 20.41) in the same period last year (SPLY).
The company's topline experienced a notable 43% YoY
surge to PKR 4.19 billion in 9MCY23, the highest ever
recorded for a nine-month period, compared to PKR
2.93 billion in the corresponding period of the previous
year. Gross Profit also witnessed substantial YoY growth,
reaching PKR 1.23 billion in 9MCY23, up from PKR 382.91
million in SPLY. Similarly, Gross profit margins increased
to 30% with PAT of PKR 81.36 million in 3QCY23.
Cost of sales amounted to PKR 2.96 billion in 9MCY23,
reflecting a notable increase of 16% YoY from PKR 2.55
billion in the corresponding period last year. Other
income saw a significant rise of 102% YoY to PKR 12.37
million, compared to PKR 6.13 million in SPLY.
Distribution expenses and administrative expenses
increased by 65% YoY and 74% YoY to PKR 449.41 million
and PKR 227.31 million, respectively, while finance costs
witnessed a 69% YoY increase to PKR 92.45 million in
9MCY23.
The Profit Before Tax (PBT) for 9MCY23 increased to PKR
398.33 million, compared to a loss of PKR 91.03 million in
SPLY.
The holding company of ZIL is New Future Consumers
International general trading (NFCI) LLC Dubai from
2023. In 2005, the company registered revenue of PKR
one billion, PKR 2 billion by relaunching Capri in 2017,
and PKR 3.2 billion in 2019.
Page 1 of 3
www.chasesecurities.com research@chasesecurities.com
 Corporate Briefing Notes
December 22, 2023

The products of the company comprise two categories:

Beauty and Health Segment. Capri Moisturizing is the
top product in the beauty category, with the company's
market share standing at 12-13%, and continuously
increasing in the beauty segment.

The prices of raw materials significantly increased in

9MCY23 due to higher inflation. ZIL imports most of its
raw materials. The fatty raw material constitutes around
80% of the total cost, and the company procures soap
noodles from local vendors.

Going forward, ZIL is going to launch new categories in

food and personal care products to diversify the
portfolio. The R&D for these products is underway, and
ZIL plans to manufacture products in Pakistan.

Financial Highlights
PKR million 3QCY23 3QCY22 YoY 9MCY23 9MCY22 YoY

Sales - net 1,641 1,239 32% 4,194 2,930 43%

Cost of sales 1,149 997 15% 2,963 2,547 16%

Gross profit 492 243 103% 1,231 383 221%

Distribution costs 177 108 62% 449 272 65%

Administrative expenses 91 49 87% 227 131 74%

Other income 5 1 261% 12 6 102%

Other Charges 26 17 51% 76 23 234%

Finance costs 32 24 31% 92 55 69%

Profit before taxation 172 45 279% 398 (91) -538%

Taxation 90 12 677% 172 34 406%

Profit after taxation 81 34 141% 227 (125) -282%

Earnings per share 13.29 5.51 37.05 (20.41)

*Source: ZIL Limited, PSX

Page 2 of 3
+92 213 529 3054-60 www.chasesecurities.com research@chasesecurities.com
 Corporate Briefing Notes
December 22, 2023

Important Disclosures
Disclaimer:

This report has been prepared by Chase Securities Pakistan (Private) Limited and is provided for
information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or
solicitation or any offer to buy. While reasonable care has been taken to ensure that the information
contained in this report is not untrue or misleading at the time of its publication, Chase Securities makes
no representation as to its accuracy or completeness and it should not be relied upon as such. From time
to time, Chase Securities and/or any of its officers or directors may, as permitted by applicable laws, have a
position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this
report Chase Securities as a firm may have business relationships, including investment banking
relationships with the companies referred to in this report This report is provided only for the information
of professional advisers who are expected to make their own investment decisions without undue reliance
on this report and Chase Securities accepts no responsibility whatsoever for any direct or indirect
consequential loss arising from any use of this report or its contents At the same time, it should be noted
that investments in capital markets are also subject to market risks This report may not be reproduced,
distributed or published by any recipient for any purpose.

Page 3 of 3
+92 213 529 3054-60 www.chasesecurities.com research@chasesecurities.com