Colgate Pakistan sees 59% YoY profit surge in Q1 2024

MG News | April 30, 2024 at 11:02 AM GMT+05:00

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April 30, 2024 (MLN): Colgate Palmolive (Pakistan) Limited (PSX: COLG) reported a profit after tax of Rs4.73 billion [EPS: Rs19.47], up 58.8% YoY compared to a profit of Rs2.98bn [EPS: Rs12.26] in the same period last year (SPLY).

Going by the results, the company's revenue increased by 19.7% YoY to Rs28.95bn as compared to Rs24.2bn in SPLY.

The cost of sales rose by 12.8% YoY. The gross profit increased 35.6% YoY to Rs9.85bn in Q1 2024.

The gross margins improved to 34.00% as compared to 30.00% in SPLY.

During the period under review, other income rose 178.4% YoY to stand at Rs1.28bn in Q1 2024 as compared to Rs461.03m in SPLY.

On the expense side, the company's administrative expenses rose 26.0% YoY to Rs292.78m, selling and distribution expenses rose 15.5% YoY to Rs2.73bn, and other operating expenses fell 15.5% YoY to Rs561.33m.

The company’s finance cost rose by 4.2% YoY and stood at Rs38.49m as compared to Rs36.94m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs2.78bn against the Rs1.52bn paid in the corresponding period of last year, depicting an increase of 82.7% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	28,953,520	24,196,711	19.66%
Cost of sales	(19,108,170)	(16,937,130)	12.82%
Gross Profit/ (loss)	9,845,350	7,259,581	35.62%
Administrative Expenses	(292,781)	(232,366)	26.00%
Selling And Distribution Expenses	(2,733,985)	(2,367,642)	15.47%
Other Income	1,283,339	461,027	178.37%
Other Operating Expenses	(561,332)	(588,209)	-4.57%
Finance Cost	(38,487)	(36,941)	4.19%
Profit/ (loss) before taxation	7,502,104	4,495,450	66.88%
Taxation	(2,775,428)	(1,519,162)	82.69%
Net profit/ (loss) for the period	4,726,676	2,976,288	58.81%
Basic earnings/ (loss) per share	19.47	12.26	-

Amount in thousand except for EPS

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