CSAP’s profit doubles in second quarter, declares Rs3.5 per share dividend

MG News | August 07, 2024 at 01:22 PM GMT+05:00

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August 07, 2024 (MLN): Crescent Steel & Allied Products Limited (PSX: CSAP) recorded an increase of 120.7% YoY in its profitability during the second quarter of 2024, clocking in its profit after tax at Rs562.8 million [EPS: Rs7.25], compared to a profit of Rs255.03m [EPS: Rs3.29] in the same period last year (SPLY).

Along with the results, the company announced an interim cahs dividend of Rs3.5 per share.

Going by the results, the company's top line increased 236.5% YoY to Rs3.45bn as compared to Rs1.03bn in SPLY.

The cost of sales rose by 291.2% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 154.4% YoY to Rs1.04bn in Q2 2024.

The gross margins worsened to 30.2% as compared to 40.0% in SPLY.

During the period under review, other income grew by 3407.1% YoY to stand at Rs1.16bn in Q2 2024 as compared to Rs33.16m in SPLY.

On the expense side, the company's administrative expenses rose 47.2% YoY to Rs181.85m, selling and distribution expenses rose YoY to Rs36.42m, and other operating expenses rose YoY to Rs154.95m.

The company’s finance cost soared by 7.8% YoY and stood at Rs130.73m as compared to Rs121.33m in SPLY, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs412.38m against the Rs81.6m paid in the corresponding period of last year, depicting an increase of 405.4% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000)
	Jun 24	Jun 23	% Change
Sales	3,450,975	1,025,550	236.50%
Cost of sales	(2,407,376)	(615,379)	291.20%
Gross Profit/ (loss)	1,043,599	410,171	154.43%
Administrative Expenses	(181,850)	(123,504)	47.24%
Selling And Distribution Expenses	36,418	(48,741)	-
Other Gains / (Losses)	(800,243)	191,367	-
Other Income	1,162,943	33,160	3407.07%
Other Operating Expenses	(154,953)	(4,494)	3348.00%
Finance Cost	(130,732)	(121,334)	7.75%
Profit/ (loss) before taxation	975,182	336,625	189.69%
Taxation	(412,378)	(81,598)	405.38%
Net profit/ (loss) for the period	562,804	255,027	120.68%
Basic earnings/ (loss) per share	7.25	3.29	-

Amount in thousand except for EPS

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