GEMBLUEX reports 28% surge in half-year profit to Rs34m

February 28, 2025 (MLN): Blue-Ex Limited (PSX: GEMBLUEX) has reported a 28% increase in profit after tax, reaching Rs34 million for the half-year ended December 31, 2024, compared to Rs26.4m in the corresponding period of 2023.

The company's earnings per share (EPS) rose to Rs1.23, up from Rs0.98 in the prior year.

Total income from Courier and Allied Services stood at Rs499m, reflecting a 12% growth from Rs444.6m last year.

Additionally, CBC Handling Charges surged 34% to Rs19m, while International Freight remained stable at Rs167m, a marginal 0.4% increase.

Notably, Commission Income saw an impressive 359% jump to Rs34.5m from Rs7.5m.

On the expense side, Cost of Sales - Courier and Allied Services rose 10.7% to Rs463.5m, while General and Administrative Expenses increased 6% to Rs180m.

A sharp 166.5% rise in Marketing and Selling Expenses was recorded at Rs10.4m, up from Rs4m in 2023.

The company’s Operating Profit surged 63% to Rs66m, compared to Rs40.4m last year.

However, Other Income dropped 24% to Rs8m, while Other Expense decreased 65.6% to Rs1.34m.

Finance Costs nearly doubled, climbing 89% to Rs21m from Rs11m.

Pre-tax profit stood at Rs47m, a 35% increase from Rs35m last year.

After accounting for Final Taxes and Levies of Rs4.5m and Taxation of Rs13.4m, the company’s Profit Before Income Tax and Final Tax amounted to Rs51.6m, marking a 42% growth year-on-year.

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