Gul Ahmed profit jumps 79% in fourth quarter
MG News | September 26, 2024 at 09:36 AM GMT+05:00
September 26, 2024 (MLN): Gul Ahmed Textile Mills Limited (PSX: GATM) recorded an increase of 79.1% in its profitability during the quarter ending June 2024 as its other income surged.
The company earned a net profit of Rs2.42 billion [EPS: Rs3.27] compared to Rs1.35 bn [EPS: Rs1.82] in the same period last year (SPLY) despite a fall In gross margins.
For the full fiscal year 2023-24, the company posted a profit after tax of Rs4.73bn [EPS: Rs6.39] as against Rs3.99bn [EPS: Rs5.39] reported last year.
Going by the unconsolidated quarterly results, the company's top line rose by 20.5% to Rs38bn as compared to Rs31.53bn in SPLY.
However, the cost of sales also surged by 27.4%, worsening the gross profit by 10.5% to Rs5.11bn in Q4 FY24.
The gross margins fell to 13.4% as compared to 18.1% in SPLY.
During the period under review, other income surged 2281.0% to stand at Rs975.24m in Q4 FY24 as compared to Rs40.96m in SPLY.
On the expense side, the company's administrative expenses fell 15.5% from a year ago to Rs749.73m. While selling and distribution expenses and other operating expenses rose 23.8% and 24.1%, respectively.
The company’s finance cost decreased 29.0% and stood at Rs1.51bn as compared to Rs2.13bn in SPLY.
On the tax front, the company paid a lower tax worth Rs298.86m against the Rs488.24m paid in the corresponding period of last year, depicting a decrease of 38.8%.
This translates to an effective tax rate of 11.0% as compared to 26.6% in SPLY.
| Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Jun 24 | Jun 23 | % Change | |
| Sales | 37,999,764 | 31,531,172 | 20.51% |
| Cost of sales | (32,889,780) | (25,822,626) | 27.37% |
| Gross Profit/ (loss) | 5,109,984 | 5,708,546 | -10.49% |
| Administrative Expenses | (749,725) | (887,381) | -15.51% |
| Selling And Distribution Expenses | (915,464) | (739,285) | 23.83% |
| Other Income | 975,239 | 40,959 | 2281.01% |
| Other Operating Expenses | (188,830) | (152,186) | 24.08% |
| Finance Cost | (1,514,176) | (2,132,184) | -28.98% |
| Profit/ (loss) before taxation | 2,717,028 | 1,838,469 | 47.79% |
| Taxation | (298,858) | (488,243) | -38.79% |
| Net profit/ (loss) for the period | 2,418,170 | 1,350,226 | 79.09% |
| Basic earnings/ (loss) per share | 3.27 | 1.82 | - |
Amount in thousand except for EPS
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