Highnoon's profit in Q2 CY24 jumps 28.2%

MG News | August 29, 2024 at 04:57 PM GMT+05:00
August 29, 2024 (MLN): Highnoon Laboratories Limited (PSX: HINOON) experienced a rise of 28.2% YoY in its earnings for Q2 CY24, as its profit after tax clocked in at Rs738.33 million [EPS: Rs13.94], compared to a profit of Rs576.12m [EPS: Rs10.87] reported in the same quarter last year.
According to the results, the company's top line grew 9.6% to Rs5.42bn compared to Rs4.94bn in SPLY.
The growth in HINOON's revenue outpaced the rise in the costs to sell (+0.9%), due to which the gross profit increased by 20.4% to Rs2.65bn in Q2 CY24.
Accordingly, the gross margins improved to 48.9% as compared to 44.5% in SPLY.
Further supporting the company's earnings, other income increased by 279.7% to Rs132.75m in Q2 CY24, compared to Rs34.96m in the same period last year.
On the expense side, the company's administrative expenses rose 24.7% YoY to Rs231.23m, selling and distribution expenses rose 30.7% YoY to Rs1.28bn, and other operating costs rose 65.4% YoY to Rs124.92m.
The company’s finance cost inflated by 92% and stood at Rs52.77m as compared to Rs27.48m in SPLY, mainly due to higher interest rates.
On the tax front, the company paid a lower tax worth Rs328.04m against the Rs380.06m paid in the corresponding period of last year, depicting a fall of 13.7%.
In addition to this, HINOON incurred a final tax expense worth Rs17.8m during the review quarter.
Unconsolidated (un-audited) Financial Results for quarter ended June 30, 2024 (Rupees in '000) | |||
---|---|---|---|
Jun 24 | Jun 23 | % Change | |
Sales | 5,417,465 | 4,942,469 | 9.61% |
Cost of sales | (2,766,772) | (2,741,270) | 0.93% |
Gross Profit/ (loss) | 2,650,693 | 2,201,198 | 20.42% |
Administrative Expenses | (231,230) | (185,398) | 24.72% |
Selling And Distribution Expenses | (1,284,590) | (983,202) | 30.65% |
Research and development expenses | (5,764) | (3,212) | 79.45% |
Share Of Profit / (Loss) | 0 | 0 | -% |
Provision Reversed / (Charged) | 0 | 0 | -% |
Other Income | 132,752 | 34,964 | 279.68% |
Other Operating Expenses | (124,924) | (75,509) | 65.44% |
Finance Cost | (52,767) | (27,483) | 92.00% |
Final Taxes | (17,799) | (5,179) | 243.72% |
Profit/ (loss) before income taxation | 1,066,370 | 956,179 | 11.52% |
Taxation | (328,039) | (380,062) | -13.69% |
Net profit/ (loss) for the period | 738,331 | 576,117 | 28.16% |
Basic earnings/ (loss) per share | 13.94 | 10.87 | - |
Amount in thousand except for EPS
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 148,617.78 624.60M | 0.86% 1274.27 |
ALLSHR | 91,685.08 1,340.28M | 0.74% 669.39 |
KSE30 | 45,247.79 197.43M | 0.83% 370.74 |
KMI30 | 212,370.79 224.51M | 1.05% 2209.48 |
KMIALLSHR | 61,227.89 711.87M | 1.18% 715.56 |
BKTi | 41,264.02 160.39M | 0.54% 221.73 |
OGTi | 30,019.10 23.63M | 0.64% 190.41 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 108,265.00 | 113,390.00 108,020.00 | -4475.00 -3.97% |
BRENT CRUDE | 67.46 | 67.94 67.29 | -0.52 -0.76% |
RICHARDS BAY COAL MONTHLY | 88.70 | 88.70 88.70 | -0.75 -0.84% |
ROTTERDAM COAL MONTHLY | 96.15 | 96.75 96.00 | -0.40 -0.41% |
USD RBD PALM OLEIN | 1,106.50 | 1,106.50 1,106.50 | 0.00 0.00% |
CRUDE OIL - WTI | 64.01 | 64.55 63.88 | -0.59 -0.91% |
SUGAR #11 WORLD | 16.34 | 16.52 16.33 | -0.14 -0.85% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|