Citi Pharma earns Rs833m in FY24

MG News | October 02, 2024 at 09:22 AM GMT+05:00

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October 02, 2024 (MLN): Citi Pharma Ltd. (PSX: CPHL) earned a net profit of Rs833.46 million in the financial year 2024, translating into earnings per share (EPS) of Rs3.65.

That is up 26.7% from the profit of Rs657.98m [EPS: Rs2.88] recorded in FY23. The increase was in part led by higher margins and other income.

Along with the results, the company announced a final cash dividend of Rs3.25 per share, i.e. 32.5%.

Going by the results, the company's revenue remained largely stable at Rs12.41bn while the cost of sales inched down by 0.6%.

The gross profit improved by 5.3% to Rs1.59bn in FY24. Gross margins rose to 12.8% as compared to 12.2% in SPLY.

During the period under review, other income jumped 67.6% to stand at Rs489.67m in FY24 as compared to Rs292.22m last year.

On the expense side, the company's administrative expenses rose 8.4% from last year to Rs204.14m, selling and distribution expenses rose 16.7% to Rs176.41m, while other operating expenses fell 1.7% to Rs114.2m.

The company’s finance cost decreased by 22.4% and stood at Rs299.91m as compared to Rs386.23m in FY23.

On the tax front, the company paid a higher tax worth Rs447.74m against the Rs299.27m paid in the corresponding period of last year, depicting an increase of 49.6%.

This translates to an effective tax rate of 34.9% as compared to 31.3% in FY23.

Unconsolidated (un-audited) Financial Results for year ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	12,409,239	12,396,983	0.10%
Cost of sales	(10,823,044)	(10,889,870)	-0.61%
Gross Profit/ (loss)	1,586,195	1,507,113	5.25%
Administrative Expenses	(204,141)	(188,414)	8.35%
Selling And Distribution Expenses	(176,413)	(151,222)	16.66%
Other Income	489,667	292,221	67.57%
Other Operating Expenses	(114,201)	(116,211)	-1.73%
Finance Cost	(299,906)	(386,234)	-22.35%
Profit/ (loss) before taxation	1,281,202	957,254	33.84%
Taxation	(447,738)	(299,270)	49.61%
Net profit/ (loss) for the period	833,464	657,984	26.67%
Basic earnings/ (loss) per share	3.65	2.88	-

Amount in thousand except for EPS

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