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”)
