Berger Paints reports 14.68% YoY profit growth in H1 FY24

MG News | February 14, 2025 at 01:36 PM GMT+05:00

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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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