CPPL sees minor profit dip, declares 35% dividend
MG News | August 22, 2024 at 04:11 PM GMT+05:00
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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