Haleon’s profit doubles to Rs650m in Q1 2024
MG News | April 25, 2024 at 03:53 PM GMT+05:00
April 25, 2024 (MLN): Haleon Pakistan Limited (PSX: HALEON) revealed its earnings for the three months ended March 2024, with its profit after tax surging more than 2x YoY to Rs649.28 million [EPS: Rs5.55] compared to a profit of Rs303.14m [EPS: Rs2.59] in the same period last year (SPLY).
Going by the results, the company's sales inched up by 1.7% YoY to Rs7.95bn as compared to Rs7.82bn in SPLY.
Moreover, the cost of sales fell by 6.5% YoY, improving the gross profit by 32.4% YoY to Rs2.19bn in 1Q2024.
The gross margins improved to 27.50% as compared to 21.12% in SPLY.
During the quarter, other income increased by 13.5% YoY to stand at Rs187.89m in 1Q2024 as compared to Rs165.56m in SPLY.
On the expense side, the company observed a rise in administrative expenses by 16.8% YoY and other expenses by 2.4x YoY to clock in at Rs162.2m and Rs99.88m respectively during the review period.
The company’s finance charges plunged 96.3% YoY and stood at Rs8.69m as compared to Rs234.05m in SPLY.
On the tax front, the company paid a significantly larger tax worth Rs468.23m against the Rs164.97m paid in the corresponding period of last year, depicting a rise of 2.8x YoY.
| Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 7,953,602 | 7,820,947 | 1.70% |
| Cost of sales | (5,766,703) | (6,169,094) | -6.52% |
| Gross Profit/ (loss) | 2,186,899 | 1,651,853 | 32.39% |
| Administrative Expenses | (162,195) | (138,871) | 16.80% |
| Selling And Distribution Expenses | (986,505) | (935,320) | 5.47% |
| Other Income | 187,888 | 165,564 | 13.48% |
| Other Operating Expenses | (99,881) | (41,072) | 143.19% |
| Finance Cost | (8,694) | (234,050) | -96.29% |
| Profit/ (loss) before taxation | 1,117,512 | 468,104 | 138.73% |
| Taxation | (468,231) | (164,965) | 183.84% |
| Net profit/ (loss) for the period | 649,281 | 303,139 | 114.19% |
| Basic earnings/ (loss) per share | 5.55 | 2.59 | - |
Amount in thousand except for EPS
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