Highnoon Laboratories reports strong Q1 earnings growth

MG News | April 29, 2024 at 03:24 PM GMT+05:00

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April 29, 2024 (MLN): Highnoon Laboratories Limited (PSX: HINOON) experienced a rise of 22.0% YoY in its profitability during the first three months of 2024, with its profit after tax rising to Rs763.12 million [EPS: Rs14.4], compared to a profit of Rs625.51m [EPS: Rs11.81] in the same period last year (SPLY).

Going by the results, the company's revenue increased by 15.2% YoY to Rs5.61bn as compared to Rs4.87bn in SPLY.

The cost of sales also rose by 8.5% YoY but was lesser than proportionate to sales rise, which improved the gross profit by 23.3% YoY to Rs2.73bn in Q1 2024.

The gross margins increased to 48.61% as compared to 45.41% in SPLY.

During the period under review, other income increased by 45.6% YoY to stand at Rs70.46m in Q1 2024 as compared to Rs48.39m in SPLY.

On the expense side, the company's administrative expenses rose 13.0% YoY to Rs226.7m, selling and distribution expenses rose 23.1% YoY to Rs1.39bn, and other operating expenses rose 23.1% YoY to Rs142.79m.

The company’s finance cost decreased by 19.8% YoY and stood at Rs0.68m as compared to Rs0.84m in SPLY.

On the tax front, the company paid a higher tax worth Rs278.94m against the Rs216.6m paid in the corresponding period of last year, depicting an increase of 28.8% YoY.

Unconsolidated (un-audited) Financial Results for quarter ended March 31, 2024 (Rupees in '000)
	Mar 24	Mar 23	% Change
Sales	5,614,220	4,872,781	15.22%
Cost of sales	(2,885,129)	(2,660,168)	8.46%
Gross Profit/ (loss)	2,729,091	2,212,613	23.34%
Administrative Expenses	(226,701)	(200,672)	12.97%
Selling And Distribution Expenses	(1,387,336)	(1,127,440)	23.05%
Other Income	70,463	48,392	45.61%
Other Operating Expenses	(142,786)	(89,944)	58.75%
Finance Cost	(675)	(843)	-19.84%
Profit/ (loss) before taxation	1,042,055	842,106	23.74%
Taxation	(278,935)	(216,597)	28.78%
Net profit/ (loss) for the period	763,120	625,508	22.00%
Basic earnings/ (loss) per share	14.40	14.93	-

Amount in thousand except for EPS

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