HCAR's profit surges over 9x in MY24, announces Rs6.5 DPS

By MG News | May 27, 2024 at 12:25 PM GMT+05:00

0:00

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.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	125,627.31 258.99M	1.00% 1248.25
ALLSHR	78,584.71 1,142.41M	1.16% 904.89
KSE30	38,153.79 69.25M	0.63% 238.06
KMI30	184,886.50 91.38M	0.01% 13.72
KMIALLSHR	53,763.81 554.57M	0.54% 290.61
BKTi	31,921.68 33.15M	1.78% 557.94
OGTi	27,773.98 9.65M	-0.40% -112.21

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,120.00	109,565.00 107,195.00	635.00 0.59%
BRENT CRUDE	66.61	67.20 65.92	-0.19 -0.28%
RICHARDS BAY COAL MONTHLY	97.00	97.00 97.00	1.05 1.09%
ROTTERDAM COAL MONTHLY	107.65	107.65 105.85	1.25 1.17%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	65.00	65.82 64.50	-0.52 -0.79%
SUGAR #11 WORLD	16.19	16.74 16.14	-0.52 -3.11%