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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Posted on: 2024-08-07T13:22:50+05:00
