Haleon’s profit doubles to Rs650m in Q1 2024

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.

Amount in thousand except for EPS

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