CPPL sees minor profit dip, declares 35% dividend

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

Add Mettisglobal as a Trusted Source on Google

0:00

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

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	172,399.90 320.00M	1.59% 2696.30
ALLSHR	103,927.90 888.16M	1.29% 1323.37
KSE30	51,428.16 185.27M	1.65% 836.84
KMI30	246,743.08 136.63M	1.75% 4243.24
KMIALLSHR	67,499.94 461.75M	1.34% 890.73
BKTi	46,974.29 67.03M	1.67% 773.64
OGTi	35,183.53 7.71M	0.85% 295.91

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	65,500.00	65,645.00 63,430.00	1840.00 2.89%
BRENT CRUDE	83.52	85.93 83.52	-3.81 -4.36%
RICHARDS BAY COAL MONTHLY	123.00	0.00 0.00	3.75 3.14%
ROTTERDAM COAL MONTHLY	131.00	0.00 0.00	0.00 0.00%
USD RBD PALM OLEIN	1,157.50	1,157.50 1,157.50	0.00 0.00%
CRUDE OIL - WTI	80.29	82.42 80.28	-4.59 -5.41%
SUGAR #11 WORLD	13.70	13.97 13.68	-0.09 -0.65%