Gul Ahmed profit jumps 79% in fourth quarter

MG News | September 26, 2024 at 09:36 AM GMT+05:00

0:00

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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