BWHL’s profit jumps 154% in second quarter

MG News | August 19, 2024 at 03:05 PM GMT+05:00

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August 19, 2024 (MLN): Baluchistan Wheels Limited (PSX: BWHL) earned a profit after tax of Rs77.27 million [EPS: Rs5.8] during the second quarter of 2024, a significant jump of 153.6% compared to last year.

Along with the results, the company announced a final cash dividend of Rs3 per share for the year ending June 2024. This is in addition to the interim dividend of Rs10 already paid during the year.

Going by the results, the company's sales rose 69.6% to Rs537.52m as compared to Rs317.01m in SPLY.

The cost of sales also rose 57.7% but was lesser than proportionate to sales rise, which improved the gross profit by 115.9% YoY to Rs139.5m in Q2 2024.

The gross margins increased to 26.0% as compared to 20.4% in SPLY.

During the period under review, other income expanded by 68.5% to stand at Rs56.37m in Q2 2024 as compared to Rs33.45m in SPLY.

On the expense side, the company's administrative expenses rose 51.0% YoY to Rs45.28m, selling and distribution expenses rose 60.8% YoY to Rs22.27m, and other operating expenses rose 32.2% YoY to Rs8.82m.

On the tax front, the company paid a higher tax worth Rs41.45m against the Rs15.17m paid in the corresponding period of last year, depicting a rise of 173.3% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	537,516	317,007	69.56%
Cost of sales	(398,021)	(252,399)	57.70%
Gross Profit/ (loss)	139,495	64,608	115.91%
Administrative Expenses	(45,277)	(29,987)	50.99%
Selling And Distribution Expenses	(22,267)	(13,848)	60.80%
Other Income	56,365	33,454	68.49%
Other Operating Expenses	(8,817)	(6,671)	32.17%
Finance Cost	(772)	(1,915)	-59.69%
Profit/ (loss) before taxation	118,727	45,641	160.13%
Taxation	(41,454)	(15,170)	173.26%
Net profit/ (loss) for the period	77,273	30,471	153.60%
Basic earnings/ (loss) per share	5.80	2.29	-

Amount in thousand except for EPS

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