Ferozsons’ growth slows, profit dips to Rs252m in first half
MG News | February 28, 2025 at 02:28 PM GMT+05:00
February 28, 2025 (MLN): Ferozsons Laboratories Limited (PSX: FEROZ) reported a 1.84% YoY decline in its after-tax profit for the half-year ended December 31, 2024, clocking in at Rs252.33 million [EPS: Rs5.80] compared to Rs257.05m [EPS: Rs5.91] in the same period last year (SPLY).
Despite a 4.66% YoY increase in revenue, reaching Rs7.02bn from Rs6.71bn in SPLY, the company's gross profit improved by 11.09% YoY to Rs2.77bn due to a relatively lower 1.07% increase in the cost of sales.
However, administrative expenses surged by 17.91% YoY to Rs423.92m, while selling and distribution expenses saw a significant 44.48% YoY rise, reaching Rs1.66bn.
Other expenses decreased by 52.67% YoY, standing at Rs64.54m, while other income dropped by 35.12% YoY to Rs75.65m.
The company's profitability was further impacted by a 52.54% YoY rise in finance costs, which stood at Rs275.78m.
As a result, profit before taxation stood at Rs400.16m, reflecting a 7.48% YoY increase.
The company's tax expenses rose by 28.29% YoY, amounting to Rs147.83m, further weighing on the bottom line.
| Financial Result For The Period Ended December 31, 2024 (Rupees) | |||
| Particulars | Dec-24 | Dec-23 | % Change |
| Revenue - net | 7,023,685,165 | 6,710,877,978 | 4.66% |
| Cost of sales | (4,265,982,079) | (4,220,747,657) | 1.07% |
| Gross profit | 2,766,703,086 | 2,490,130,321 | 11.09% |
| Administrative expenses | (423,921,230) | (359,531,783) | 17.91% |
| Selling and distribution expenses | (1,664,524,241) | (1,151,919,488) | 44.48% |
| Other expenses | (64,537,666) | (136,361,384) | -52.67% |
| Other income | 75,653,704 | 116,610,353 | -35.12% |
| Profit from operations | 689,373,653 | 558,728,919 | -29.57% |
| Finance cost | (275,783,784) | (180,756,913) | 52.54% |
| Profit before income tax, final tax, and minimum tax | 413,589,869 | 377,971,106 | 9.42% |
| Minimum tax differential | (13,431,470) | - | - |
| Final tax | - | (5,685,667) | - |
| Profit before income tax | 400,158,499 | 372,285,439 | 7.48% |
| Income tax | (147,832,453) | (115,231,896) | 28.29% |
| Profit after taxation | 252,326,046 | 257,053,543 | -1.84% |
| Earnings per share - basic and diluted | 5.8 | 5.91 | -1.86% |
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