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
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Posted on: 2024-08-29T16:57:31+05:00
