Colgate Pakistan sees 59% YoY profit surge in Q1 2024
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MG News | April 30, 2024 at 11:02 AM GMT+05:00
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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