Gillette Pakistan’s profits trimmed, down 14%

February 26, 2025 (MLN): Gillette Pakistan Limited (PSX: GLPL) has reported a 13.52% decline in net profit for the half-year ended December 31, 2024, reaching Rs21.7 million compared to Rs25.1mn in the same period last year.

The earnings per share (EPS) dropped to Rs0.68 from Rs0.79, reflecting a weaker financial performance despite a 23.14% increase in revenue, which stood at Rs915.9mn, up from Rs743.8mn in 2023.

However, the 49.22% surge in the cost of goods sold, amounting to Rs614.8mn, significantly impacted profitability, leading to a 9.24% decline in gross profit, which fell to Rs301.1mn.

While selling, marketing, and distribution expenses saw a major reduction of 67.96%, and administrative expenses dropped by 8.29%, the company faced a 157.82% increase in other operating expenses, rising to Rs58.1mn.

Additionally, finance costs increased due to a 13.29% rise in interest expense, reaching Rs122.7mn, while bank charges surged 477.27% to Rs0.5mn.

Other income saw a 49.74% decline, amounting to Rs46.6mn, further affecting the bottom line.

Despite these challenges, total expenses were reduced by 13.79%, helping to mitigate the impact on profitability.

The company also benefitted from a 54.58% decline in levies and a 38.78% reduction in income tax expenses.

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