Haleon’s profit doubles to Rs650m in Q1 2024

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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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