Citi Pharma profit more than doubles

By MG News | Category Q32024 | October 30, 2024 at 09:56 AM GMT+05:00

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October 30, 2024 (MLN): Citi Pharma Ltd. (PSX: CPHL) recorded a 113.3% higher net profit in the first quarter of FY25 as its margins jumped.

The company earned a profit after tax of Rs201.5 million [EPS: Rs0.88] during the quarter ending September 2024, compared to Rs94.45m [EPS: Rs0.41] in the same period last year (SPLY).

Revenue expanded 19.4% to Rs3.22bn as compared to Rs2.7bn in SPLY. Gross profit surged 73.9% to Rs428.51m in Q1 FY25.

The gross margins improved to 13.3% as compared to 9.1% in SPLY.

During the period under review, other income shrank 13.2% to stand at Rs92.22m in Q1 FY25 as compared to Rs106.21m in SPLY.

On the expense side, the company's administrative expenses fell 3.9% from a year ago to Rs46.4m, selling and distribution expenses rose 5.3% to Rs40.7m, and other operating expenses rose 133.1% to Rs28.77m.

The company’s finance cost down by 25.6% and stood at Rs64.57m as compared to Rs86.81m in SPLY.

On the tax front, the company paid a higher tax worth Rs138.8m against an expense paid worth Rs72.17m in the corresponding period of last year, a rise of 92.3%.

This translates to an effective tax rate of 40.8% as compared to 43.3% in SPLY.

Unconsolidated (un-audited) Financial Results for quarter ended September 30, 2024 (Rupees in '000)
	Sep 24	Sep 23	% Change
Sales	3,224,645	2,701,228	19.38%
Cost of sales	(2,796,132)	(2,454,760)	13.91%
Gross Profit/ (loss)	428,513	246,468	73.86%
Administrative Expenses	(46,397)	(48,263)	-3.87%
Selling And Distribution Expenses	(40,696)	(38,634)	5.34%
Other Income	92,222	106,208	-13.17%
Other Operating Expenses	(28,771)	(12,345)	133.06%
Finance Cost	(64,574)	(86,808)	-25.61%
Profit/ (loss) before taxation	340,298	166,626	104.23%
Taxation	(138,801)	(72,175)	92.31%
Net profit/ (loss) for the period	201,497	94,452	113.33%
Basic earnings/ (loss) per share	0.88	0.41	-

Amount in thousand except for EPS

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