GCIL: Bottom line boosts by 22.48% in Q3FY24

MG News | April 29, 2024 at 04:20 PM GMT+05:00

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April 29, 2024 (MLN): The bottom line of Ghani Chemical Industries Limited (PSX: GCIL) has expanded by 22.48% YoY in Q3FY24 as the profits clocked in at Rs209.83 million [EPS: 42 paisa] compared to Rs171.32m [EPS: 36 paisa], GCIL's filing on PSX revealed today.

Going by the results, the company's top line went up by 15.18% YoY to Rs1.18 billion as compared to Rs1bn in SPLY.

The cost of sales also rose by 36.61% YoY but was higher than proportionate to sales increase, which worsened the gross profit by 20.58% YoY to Rs305m in Q3FY24.

On the expense side, the company observed a decrease in Distribution expenses by 24% YoY and other expenses by 13.56% YoY to clock in at Rs61.78m and Rs18.4m respectively during the review period.

Conversely, GCIL incurred an increase of 35.27% YoY in its administrative expenses to clock in at Rs61.78m in Q3FY24.

During the review period, other income improved by 83.69% YoY to stand at Rs156.12m in Q3FY24 as compared to Rs85m in SPLY.

The company’s finance costs jumped by 19.34% YoY and stood at Rs86.16m as compared to Rs72.26m in SPLY.

On the tax front, the company Rs49.98m in Q3FY24 against the Rs112.55m paid in the corresponding period of last year, depicting a decrease of 22.48% YoY.

Financial Results for the quarter ended March 31, 2024 ('000 Rupees)
	Mar-24	Mar-23	% Change
Sales	1,180,735	1,025,084	15.18
Cost of Sales	(875,699)	(641,023)	36.61
Gross profit	305,036	384,061	-20.58
Distribution cost	(34,980)	(45,946)	-23.87
Administrative expenses	(61,789)	(45,677)	35.27
Other expenses	(18,402)	(21,288)	-13.56
Other income	156,127	84,997	83.69
Profit (loss) from operations	345,992	356,147	-2.85
Finance cost	(86,167)	(72,266)	19.24
(Loss)/profit before taxation	259,825	283,881	-8.47
Taxation	(49,987)	(112,559)	-55.59
(Loss)/Profit after taxation	209,838	171,322	22.48
basic and diluted (loss)/earning per share(Rupees)	0.42	0.36	16.67

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