Ghandhara Tyre sees huge profit jump in 1HFY24
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MG News | February 27, 2024 at 01:35 PM GMT+05:00
February 27, 2024 (MLN): Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) witnessed a remarkable increase in its profit after tax for the first six months of fiscal 2024, reaching Rs151.48 million [EPS: Rs1.24].
This marks a substantial surge compared to the profit of Rs41.94m [EPS: Rs0.33] recorded in the same period of the previous year (SPLY), depicting a growth of over 3.6x YoY, according to the company filing on Tuesday.
Revenue rose 37.95% YoY to Rs9.89bn, while cost of sales increase was lesser than proportionate to the sales surge, resulting in a higher gross margin of 16.60%, up from 15.41% a year ago.
Ghandhara Tyre, which manufactures and trades tyres and tubes for automobiles and motorcycles, earned other income of Rs92.25m in 1HFY24 compared to Rs50.16m in SPLY, marking a rise of 83.89% YoY.
On the expense side, the company observed a rise in administrative expenses by 31.91% YoY while reducing its other expenses by 11.69% YoY to clock in at Rs210.68m and Rs29.12m respectively during the review period.
The company’s finance cost expanded by 41.61% YoY and stood at Rs832.44m as compared to Rs587.84m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a higher tax worth Rs122.97m against the Rs38.98m paid in the corresponding period of last year, depicting a rise of 3.16x YoY.
Unconsolidated (un-audited) Financial Results for half year ended December 31, 2023 (Rupees in '000) | |||
---|---|---|---|
Dec 23 | Dec 22 | % Change | |
Sales | 9,889,939 | 7,169,456 | 37.95% |
Cost of sales | (8,248,605) | (6,064,895) | 36.01% |
Gross Profit | 1,641,334 | 1,104,561 | 48.60% |
Administrative Expenses | (210,684) | (159,712) | 31.91% |
Selling And Distribution Expenses | (386,890) | (293,285) | 31.92% |
Other Income | 92,247 | 50,164 | 83.89% |
Other Operating Expenses | (29,120) | (32,973) | -11.69% |
Finance Cost | (832,438) | (587,837) | 41.61% |
Profit before taxation | 274,449 | 80,918 | 239.17% |
Taxation | (122,971) | (38,977) | 215.50% |
Net profit for the period | 151,478 | 41,941 | 261.17% |
Basic earnings/ (loss) per share | 1.24 | 0.33 | - |
Amount in thousand except for EPS
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