At-Tahur profit plunges 72%

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MG News | September 30, 2024 at 12:28 PM GMT+05:00

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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%.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
  Jun 24 Jun 23 % Change
Sales 10,562,442 10,190,853 3.65%
Cost of sales (8,155,552) (7,339,094) 11.12%
Gross Profit/ (loss) 2,406,890 2,851,759 -15.60%
Administrative Expenses (317,925) (556,365) -42.86%
Selling And Distribution Expenses (589,817) (286,099) 106.16%
Other Income 25,863 48,427 -46.59%
Other Operating Expenses (692,652) (607,427) 14.03%
Finance Cost (282,540) (225,995) 25.02%
Profit/ (loss) before taxation 549,819 1,224,300 -55.09%
Taxation (196,586) 23,482 -
Net profit/ (loss) for the period 353,233 1,247,782 -71.69%
Basic earnings/ (loss) per share 1.62 5.71 -

Amount in thousand except for EPS

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