Haleon Pakistan reports bumper profit of Rs1.22bn in Q2 CY24

August 22, 2024 (MLN): Haleon Pakistan Limited (PSX: HALEON) recorded a massive jump in its earnings for the quarter ended June 30, 2024, as its profit after tax spiked to Rs1.22 billion [EPS: Rs10.45], compared to a profit of Rs9.93m [EPS: Rs0.08] in the same period last year (SPLY).

Going by the results, the company's top line grew 25% YoY to Rs9.81bn as compared to Rs7.84bn in Q2 CY23.

The cost of sales fell by 1.8% YoY, which along with the growth in sales improved the gross profit by 170.1% YoY to Rs3.3bn in Q2 2024.

Accordingly, the gross margins improved to 33.7% as compared to 15.6% in SPLY.

The company's expense section also showed an upward trend, with administrative expenses increasing by 25.5% YoY, selling and distribution expenses rising by 14% YoY, and other operating expenses surging by 780.14% YoY.

Nonetheless, with a massive revenue base and a  78.3% YoY growth in other income, HALEON managed to cover all its costs and secure a modest profit.

The company’s reported net finance cost of Rs0.19m in Q2 CY24 as compared to net finance income of Rs8.46m in Q2 CY23.

On the tax front, the company paid a higher tax worth Rs868.05m against the Rs247.15m paid in the corresponding period of last year, depicting an increase of 251.2% YoY.

Amount in thousand except for EPS

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