Highnoon's profit in Q2 CY24 jumps 28.2%

MG News | August 29, 2024 at 04:57 PM GMT+05:00

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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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