At-Tahur profit plunges 72%

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