HCAR's profit surges over 9x in MY24, announces Rs6.5 DPS
MG News | May 27, 2024 at 12:25 PM GMT+05:00
May 27, 2024 (MLN): Honda Atlas Cars (Pakistan) Limited (PSX: HCAR) recorded an increase of 797.2% YoY in its profits for year ended March 2024, with the company's after-tax profits rising to Rs2.33 billion [EPS: Rs16.34] despite significantly lower sales.
That compares with a profit of Rs260.14 million [EPS: Rs1.82] earned in the previous year.
Along with the results, the car manufacturer announced a final cash dividend of Rs6.5 per share.
Going by the results, the company's revenue fell 42.1% YoY to Rs55.07bn as compared to Rs95.09bn in the previous year.
The cost of sales also fell by 42.5% YoY but was lesser than proportionate to sales decline, which worsened the gross profit by 37.1% YoY to Rs4.51bn in MY 2024.
The gross margins, however, improved to 8.19% as compared to 7.53% in SPLY.
During the period under review, other income deflated by 3.0% YoY to stand at Rs2.25bn in MY 2024 as compared to Rs2.32bn in SPLY.
On the expense side, the company's distribution and marketing costs rose 1.4% YoY to Rs914.88m, while administrative expenses rose 12.0% YoY to Rs1.48bn.
On the other hand, the company's other expenses plunged 92.0% YoY to just Rs393.64m.
Meanwhile, HCAR's finance cost surged by 252.2% YoY and stood at Rs1.22bn as compared to Rs346.14m in the previous year, mainly due to higher interest rates.
The company paid a notably lower tax worth Rs418.85m against the Rs1.72bn paid in the corresponding period of last year, a decrease of 75.7% YoY.
| Unconsolidated (un-audited) Financial Results for year ended March 31, 2024 (Rupees in '000) | |||
|---|---|---|---|
| Mar 24 | Mar 23 | % Change | |
| Sales | 55,071,323 | 95,087,251 | -42.08% |
| Cost of sales | (50,563,229) | (87,926,215) | -42.49% |
| Gross Profit/ (loss) | 4,508,094 | 7,161,036 | -37.05% |
| Distribution and marketing costs | (914,883) | (902,374) | 1.39% |
| Administrative expenses | (1,479,952) | (1,321,962) | 11.95% |
| Other Income | 2,252,115 | 2,321,705 | -3.00% |
| Other Expenses | (393,635) | (4,929,616) | -92.01% |
| Finance Cost | (1,218,996) | (346,141) | 252.17% |
| Profit/ (loss) before taxation | 2,752,743 | 1,982,648 | 38.84% |
| Taxation | (418,848) | (1,722,507) | -75.68% |
| Net profit/ (loss) for the period | 2,333,895 | 260,141 | 797.17% |
| Basic earnings/ (loss) per share | 16.34 | 1.82 | - |
Amount in thousand except for EPS
The company's shares jumped over 6.65% or Rs20.37 to Rs326.52 per share.
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