Haleon’s profit doubles to Rs650m in Q1 2024

MG News | April 25, 2024 at 03:53 PM GMT+05:00

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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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