CSAP’s net profit falls to Rs673m, down 49% YoY

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MG News | January 31, 2025 at 03:35 PM GMT+05:00

January 31, 2025 (MLN): Crescent Steel & Allied Products Limited (PSX: CSAP) reported a decline in profitability for the year ended December 31, 2024, with its net profit after tax falling by 49.21% YoY to Rs672.98 million [EPS: Rs8.67], compared to Rs1.00 billion [EPS: Rs12.93] in the same period last year (SPLY).

The company declared an interim cash dividend of Rs. 2.0 per share (20%).

The company's total comprehensive income also dropped by 49.25% YoY to Rs673.6 million from Rs1.00 billion in SPLY.

The company’s top-line revenue decreased by 37.62% YoY to Rs3.67bn compared to Rs5.04bn in SPLY, mainly due to lower sales volume.

Meanwhile, the cost of sales declined by 23.76% YoY but remained proportionally higher relative to the decrease in revenue, leading to a significant 79.22% YoY drop in gross profit to Rs768.4mn.

 The gross margins deteriorated compared to last year, reflecting increased cost pressures.

Other incomes witnessed a steep decline of 56.20% YoY, amounting to Rs1.37bn compared to Rs2.14bn in SPLY.

On the expense side, distribution and selling expenses dropped by 193.42% YoY, while administrative expenses remained relatively stable, recording a slight 0.51% YoY decrease.

Other operating expenses saw a notable decline of 153.32% YoY.

The company’s finance costs fell by 70.05% YoY, standing at Rs156.29mn compared to Rs265.78mn in SPLY, likely due to lower debt financing.

On the taxation front, the total tax expense decreased by 99.85% YoY to Rs244.59mn from Rs488.83mn in the previous year.

 Profit and Loss Account for the Year Ended December 31,2024
  Dec-24 Dec-23 % Change 
Sales 3,667,936 5,047,847 -37.62%
Less: Sales Tax 556,004 770,429 -38.57%
Net Sales 3,111,932 4,277,418 -37.45%
Cost of Sales 2,343,526 2,900,315 -23.76%
Gross Profit 768,406 1,377,103 -79.22%
Income from Investments - Net 600,337 760,809 -26.73%
Other Income 1,368,743 2,137,912 -56.20%
Distribution and Selling Expenses (15,707) (46,087) -193.42%
Administrative Expenses (231,211) (232,397) -0.51%
Other Operating Expenses  (43,524) (110,253) -153.32%
Total Operating Expenses (290,442) (388,737) -33.84%
Other Income 32,830 54,918 -67.28%
Operating Profit Before Finance Costs 1,111,131 1,804,093 -62.37%
Finance Costs 156,290 265,777 -70.05%
Profit Before Taxation from Continuing Operations 954,841 1,538,316 -61.11%
Taxation     #DIV/0!
- Current for the Period (114,759) (320,334) -179.14%
- Prior Year 100,986 - #VALUE!
- Deferred (230,820) (168,496) 27.00%
Total Taxation (244,593) (488,830) -99.85%
Net Profit After Taxation from Continuing Operations 710,248 1,049,486 -47.76%
Net Loss from Discontinued Operations (37,262) (45,320) -21.63%
Net Profit for the Period 672,986 1,004,166 -49.21%
- Changes in FVOCI 614 1,154 -87.95%
Total Comprehensive Income for the Period 673,600 1,005,320 -49.25%
Basic and diluted - earnings per share 8.67 12.93 -49.13%

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