At-Tahur profit plunges 72%

September 30, 2024 (MLN): At-Tahur Limited (PSX: PREMA) recorded a decrease of 71.7% in its profits in the financial year ending June 2024 from last year, with the company's after-tax profits plummeting to Rs353.23 million [EPS: Rs1.62].

That compares to a profit of Rs1.25 billion [EPS: Rs5.71] in FY23. Meanwhile, in the latest April-June quarter, the company's net profit jumped 21.6% to Rs117.1m from Rs96.29m in the same period last year (SPLY).

Going by the yearly results, the company's revenue rose 3.7% to Rs10.56bn as compared to Rs10.19bn in FY23.

However, the cost of sales rose by 11.1%, worsening the gross profit by 15.6% to Rs2.41bn in FY24.

The gross margins fell to 22.8% as compared to 28.0% in FY23.

Furthermore, other income of the company decreased by 46.6% to Rs25.86m in FY24 as compared to Rs48.43m last year.

On the expense side, the company's administrative expenses fell 42.9% from last year to Rs317.93m, while selling and distribution expenses, as well as other operating expenses, rose 106.2% and 14.0%, reaching Rs589.82m and Rs692.65m, respectively.

The company’s finance cost inflated by 25.0% and stood at Rs282.54m as compared to Rs226m in Fy23, mainly due to higher interest rates.

On the tax front, the company paid a tax worth Rs196.59m against the tax credit of Rs23.48m received last year.

This translates to an effective tax rate of 35.8%.

Amount in thousand except for EPS

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