Descon Oxychem reports around 85% YoY profit surge in H1 FY24
MG News | February 19, 2025 at 09:45 AM GMT+05:00
February 19, 2025 (MLN): Descon Oxychem Limited (PSX: DOL) recorded a significant 84.71% year-on-year (YoY) increase in its profit after tax, reaching Rs495.99 million [EPS: Rs2.83] in the first half of fiscal year 2024, compared to Rs268.52mn [EPS: Rs1.53] in the same period last year (SPLY).
The company has declared an interim cash dividend of Rs2 per share, representing a 20% payout.
The company’s top line grew by 10.13% YoY to Rs3.19 billion from Rs2.90bn in SPLY, driven by improved sales performance.
Additionally, the cost of sales declined by 6.13% YoY, supporting a sharp 74.14% YoY rise in gross profit, which stood at Rs1.02bn.
However, administrative expenses and other operating expenses saw increases of 14.01% and 127.21% YoY, respectively, while other income declined by 60.95% YoY.
Despite this, operating profit surged by 60.47% YoY to Rs783.61mn.
The company also benefited from a substantial 62.06% YoY reduction in finance costs, which contributed to a 63.80% YoY rise in profit before levy and taxation, amounting to Rs778.71mn.
On the taxation front, the company paid Rs282.72mn, marking a 37.64% increase from the previous year.
| Consolidated Profit and Loss For The Period Ended December 31 , 3024 | |||
| Dec-24 | Dec-23 | %Change | |
| Sales | 3,196,978 | 2,902,833 | 10.13% |
| Cost of Sales | (2,172,956) | (2,314,801) | -6.13% |
| Gross Profit | 1,024,022 | 588,032 | 74.14% |
| Administrative Expenses | (113,534) | (99,581) | 14.01% |
| Distribution & Selling Costs | (92,705) | (91,027) | 1.84% |
| Other Income | 49,947 | 127,909 | -60.95% |
| Other Operating Expenses | (84,116) | (37,021) | 127.21% |
| Total Operating Expenses | (240,408) | (99,720) | 141.08% |
| Operating Profit | 783,614 | 488,312 | 60.47% |
| Finance Cost | (4,900) | (12,915) | -62.06% |
| Profit Before Levy & Taxation | 778,714 | 475,397 | 63.80% |
| Levy / Final Taxation | - | (1,473) | |
| Profit Before Taxation | 778,714 | 473,924 | 64.31% |
| Taxation | (282,724) | (205,401) | 37.64% |
| Net Profit for the Period | 495,990 | 268,523 | 84.71% |
| Earnings per Share - Basic & Diluted | 2.83 | 1.53 | 84.97% |
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