Berger Paints reports 14.68% YoY profit growth in H1 FY24
MG News | February 14, 2025 at 01:36 PM GMT+05:00
February 07, 2025 (MLN): Berger Paints Pakistan Limited (PSX: BERG) posted a 14.68% year-on-year (YoY) increase in earnings for the half-year ended December 31, 2024, with profit after tax reaching Rs163.06 million, translating to earnings per share (EPS) of Rs6.64, compared to Rs144.82mn (EPS: Rs5.9) in the corresponding period last year.
The company’s revenue grew by 5.2% YoY to Rs4.62 billion from Rs4.39bn in the same period last year.
Despite a 3.3% increase in the cost of sales, gross profit improved by 12.9% to Rs963.83mn.
Selling and distribution expenses saw a notable surge of 28% YoY to Rs485.28mn, while administrative and general expenses rose by 9.7% YoY to Rs118.19mn.
On the other hand, other operating expenses declined significantly by 32.5% to Rs20.23mn, easing some cost pressures.
Profit from operations remained stable, showing a marginal increase of 1% YoY to Rs340.21mn.
However, other income declined by 6% to Rs40.50mn.
Meanwhile, finance costs decreased by 6.5% YoY to Rs128.89mn, reflecting improved financial management. Profit before taxation rose by 6.9% YoY to Rs251.82mn.
The company also saw a slight reduction in tax expenses, which declined by 2.3% YoY to Rs88.75mn.
This led to a net profit increase of 14.6% YoY.
| Consolidated Profit and Loss Account For The Half Year Ended December 31, 2024 ('000 Rupees) | |||
| Dec-24 | Dec-23 | %Change | |
| Revenue from contract with customers - net | 4,616,070 | 4,387,972 | 5.20% |
| Cost of sales | (3,652,241) | (3,534,517) | 3.33% |
| Gross profit | 963,829 | 853,455 | 12.93% |
| Selling and distribution expenses | (485,281) | (379,201) | 27.97% |
| Administrative and general expenses | (118,186) | (107,692) | 9.74% |
| Other operating expenses | (20,229) | (29,968) | -32.50% |
| Profit from operations | 340,209 | 336,749 | 1.03% |
| Other income | 40,499 | 43,092 | -6.02% |
| Finance cost | (128,893) | (137,794) | -6.46% |
| Profit before income tax and final taxes | 251,815 | 242,047 | 4.04% |
| Minimum/Final Taxes | - | - | |
| Profit before taxation for the period | 251,815 | 235,663 | 6.85% |
| Taxation | (88,753) | (90,834) | -2.29% |
| Profit after tax | 163,062 | 144,829 | 12.59% |
| Earnings per share - basic and diluted (Rupees) | 6.64 | 5.79 | 14.68% |
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