Highnoon Laboratories sees 38% YoY surge in profit
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MG News | March 26, 2025 at 01:56 PM GMT+05:00
March 26, 2025 (MLN): Highnoon Laboratories Limited (PSX: HINOON) witnessed a 38.4% year-on-year (YoY) increase in its profitability for the year ended December 31, 2024.
The company's profit after tax surged to Rs3.39 billion [EPS: Rs63.95] compared to Rs2.45bn [EPS: Rs46.2] in the same period last year (SPLY).
According to the financial results, revenue from contracts with customers increased 24.6% YoY to Rs24.63bn, up from Rs19.77bn in SPLY.
The cost of sales also saw a rise of 16.8% YoY, but due to a proportionally higher revenue increase, the gross profit improved by 33.2% YoY, reaching Rs12.52bn in 2024.
On the expense side, the company recorded a 22.3% YoY rise in distribution, selling, and promotional expenses, which stood at Rs6.05bn compared to Rs4.95bn in 2023.
Administrative expenses also grew 20.2% YoY to Rs930.22m, while research and development expenses declined 37% YoY to Rs9.47m.
Meanwhile, other operating expenses surged by 58.7% YoY, amounting to Rs532.55m.
Despite the increase in expenses, profit from operations recorded a 50.2% YoY growth, reaching Rs4.99bn compared to Rs3.33bn in 2023.
The company's other income experienced an impressive 138.4% YoY increase, standing at Rs441.51m versus Rs185.2m in SPLY.
However, finance costs saw a sharp rise of 164.8% YoY, amounting to Rs407.38m.
On the tax front, the company paid Rs1.62bn in taxes, an 81.7% YoY increase from Rs893.98m in 2023.
Overall, Highnoon Laboratories ended the year with a profit before tax of Rs5.01bn, reflecting a 50% YoY increase.
| Consolidated Statement of Profit or Loss For The Year Ended December 31, 2024 | |||
| Dec-24 | Dec-23 | %Change | |
| Revenue from contracts with customers - net | 24,629,506,279 | 19,766,263,226 | 24.60% |
| Cost of sales | (12,111,880,293) | (10,368,104,062) | 16.82% |
| Gross profit | 12,517,625,986 | 9,398,159,164 | 33.19% |
| Distribution, selling and promotional expenses | (6,047,007,693) | (4,945,905,242) | 22.26% |
| Administrative and general expenses | (930,223,552) | (773,700,852) | 20.23% |
| Research and development expenses | (9,470,982) | (15,020,445) | -36.95% |
| Other operating expenses | (532,549,199) | (335,582,110) | 58.69% |
| Profit from operations | 4,998,374,560 | 3,327,950,515 | 50.19% |
| Other income | 441,506,392 | 185,197,255 | 138.40% |
| Finance cost | (407,381,214) | (153,860,484) | 164.77% |
| Profit before income tax and levy | 5,032,499,738 | 3,359,287,286 | 49.81% |
| Levy | (19,930,608) | (17,634,232) | 13.02% |
| Profit before income tax | 5,012,569,130 | 3,341,653,054 | 50.00% |
| Taxation | (1,624,053,116) | (893,976,887) | 81.67% |
| Profit for the year | 3,388,516,014 | 2,447,676,167 | 38.44% |
| Earnings per share - basic and diluted (Rupees) | 63.95 | 46.2 | 38.42% |
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