CPPL sees minor profit dip, declares 35% dividend

By MG News | Category Equity | August 22, 2024 at 04:11 PM GMT+05:00

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August 22, 2024 (MLN): Cherat Packaging Limited (PSX: CPPL) reported a meagre drop of 2.46% YoY in profitability during 2024 as the profit stood at Rs885.89 million [EPS: Rs18.04] compared to Rs908.25mn [EPS: Rs18.5] in 2023.

Along with the results, the company declared a final cash dividend of Rs3.5 per share, i.e. 35%.

Going by the results, the company's top line fell by 16.52% YoY to Rs13.82bn as compared to Rs16.55bn in SPLY.

During the period under review, other income jumped by 936.4% YoY to stand at Rs999.84m in FY24 as compared to Rs95.98m in SPLY.

On the expense side, the company observed a slight increase in distribution costs by 4.63% YoY and administrative expenses by 2.55% YoY to clock in at Rs256.16m and Rs185.41m respectively during the review period.

The company’s finance costs also dipped by 30.3% YoY to stand at Rs837.73m compared to Rs1.2bn in SPLY.

On the tax front, the company paid a significantly lower tax worth Rs152.3m against the Rs755m paid in the corresponding period of last year.

Financial Results for the year ended on June 30, 2024 (Rs “000”)
	2024	2023	%
Turnover — net	13,820,153	16,554,262	-16.52
Cost of sales	-12,358,782	-13,277,189	-6.92
Gross profit	1,461,371	3,277,073	-55.41
Distribution costs	-256,168	-244,831	4.63
Administrative expenses	-185,419	-180,802	2.55
Other expenses	-133,026	-77,182	72.35
Other Income	994,847	95,984	936.47
Operating profit	1,881,605	2,870,242	-34.44
Finance costs	-837,730	-1,201,904	-30.30
Profit before income tax and final taxes	1,043,875	1,668,338	-37.43
Final taxes	-5,599	-4,359	28.45
Profit before income tax	1,038,276	1,663,979	-37.60
Income tax
Current	-180,855	-463,765	-61.00
Prior	2,635	24,553	-89.27
Deferred	25,836	-316,517	-108.16
	-152,384	-755,729	-79.84
Net profit for the year	885,892	908,250	-2.46
Earnings per share - basic and diluted	Rs18.04	Rs18.50	18.50

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