Somany Ceramics invests Rs 280 mn more in subsidiary

09 Jun 2023 CW Team

Somany Max (SMPL) announced that it had allocated an additional 2,80,00,000, 11% cumulative redeemable preference shares of Rs 10 each, totaling Rs 280 million, to Somany Ceramics through a right issue on June 6, 2023. This move was aimed at maintaining Somany Ceramics' shareholding in SMPL at 80%.

The purpose of this acquisition was to support SMPL's business objectives. As a result of this investment, the total amount invested by Somany Ceramics in SMPL's securities now stands at Rs 880 million.

SMPL is currently in the process of establishing a manufacturing facility for large format tiles/slabs.

During the quarter ended March 31, 2023, the company reported a growth of 18.68% in its net consolidated profit. Its profit after tax for Q4 FY23 was Rs 240 million, compared to Rs 200 million in the corresponding quarter of the previous fiscal year. Additionally, its net consolidated total income for Q4 FY23 was Rs 6.82 billion, reflecting a growth of 10.44% from Rs 6.18 billion recorded in the same quarter last year.

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