Highnoon achieves Rs1.21bn profit in 6MCY23

August 15, 2023 (MLN): Highnoon Laboratories Limited (PSX: HINOON) 's profitability rose by 8.19% YoY, clocking in its profit after tax at Rs1.21 billion [EPS: Rs22.91] in 6MCY23, as compared to Rs1.12bn [EPS: Rs21.18] in the same period last year (SPLY).

To highlight, HINOON has been featured in the prestigious Forbes Asia "200 Best Under a Billion" this year, achieving this status for the fourth time within the past five years.

Going by the results made available by the company on the local bourse, the company's top line inflated by 22.64% YoY to Rs9.91bn as compared to Rs8.08bn in SPLY.

The cost of sales rose by 41.32% YoY but was lesser than proportionate to the sales increase, resultantly the gross profit improved by 5.69% YoY to Rs4.48bn in 6MCY23.

During the period under review, other income went down by 41.09% YoY to stand at Rs82.5 million in 6MCY23 as compared to Rs140.05m in SPLY.

On the expense side, the company observed a decrease in distribution, selling and promotional expenses by 6.45% YoY and other expenses by 7.13% YoY to clock in at Rs417.25m and Rs165.82m respectively during the review period.

Moreover, the company’s finance costs surged by 88.41% YoY and stood at Rs33.44m as compared to Rs17.75m in 6MCY23, mainly due to higher interest rates.

On the tax front, the company paid a higher tax worth Rs614.41m against the Rs451.88m paid in the corresponding period of last year, depicting a rise of 35.97% YoY.

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